Binance, the largest cryptocurrency exchange, has started a $1 billion growth fund in support of the BSC Blockchain, according to a report by Bloomberg on Tuesday.

  • Nearly 50% of the funds will be invested in areas such as gaming, virtual reality, and blockchain-based financial solutions.
  • About $300 million of the remaining balance will be invested in a builder program, and $100 million each will be directed towards liquidity incentives and talent development.
  • Binance Smart Chain (BSC) has a global community of developers and investors, and it was initiated by the Binance Chain community. Binance supports blockchain technology via investments.
  • Gwendolyn Regina, investment director of the BSC Accelerator Fund, stated that with the $1 billion programs, the focus would expand to building cross-chain and multi-chain platforms integrated with a wide range of blockchains.

Binance has been a major target of regulators worldwide, including the U.S., South Africa, and recently Singapore, as the crypto ecosystem expanded to a size that attracted interest from officials. BNB USD up +3.24%, BTC USD  down -1.44%