Binance, the world’s leading crypto exchange, announced it is putting away $1 billion towards the development of the Binance Smart Chain ecosystem. Binance hopes to usher in the next 1 billion crypto users with this capital.
According to the official report, the proposed initiative will comprise four groups, with each addressing a specific goal and challenge. A $100 million will be channeled towards talent development – including community mentorship, the education of new investors and the likes. Another $100 million will go towards providing liquidity to select protocols based on different metrics. They include innovation, active users, total value locked (TVL), trading volume and so on. Furthermore, Binance reveals it will invest about $300 million in a structured builder and incubation program. Lastly, the remaining $500 million (50%) will go into expediting mainstream crypto adoption among institutional investors. Although that sector is already beginning to gradually embrace the world of digital assets, Binance wants to see a “disruption” in that space.
Binance is in the process of cleaning up its image and becoming more compliant with mainstream regulation. The exchange was under severe fire from several regulatory bodies and governments across the globe including the US and UK. This led to the shutdown of its services in several countries at the time.
Image Credits: Pixabay
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