Tuesday, May 17, 2022
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Binance launches $1 billion growth fund to accelerate blockchain adoption

Binance growth fund-IFM-image
Nearly half of the funds will be directed toward virtual reality and blockchain-based financial services

Binance, which is the largest cryptocurrency exchange in the world in terms of daily trading volume, has launched a $1 billion growth fund to help fast-track the adoption of digital assets and blockchain technology.

Nearly, $500 million from the funds will be invested for the development of blockchain-based financial services, gaming and virtual reality. Around $300 million will go to a builder programme whereas the remaining $200 million each will be steered toward liquidity incentives and talent development, Binance revealed.

Gwendolyn Regina, investment director of the BSC Accelerator Fund, said in the statement, “With the $1 billion initiative, our focus will be widened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains.”

In August, Binance announced that they have hired Richard Teng, the former head of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) as their new CEO in Singapore.

This announcement came just a week after the company hired former US treasury criminal investor, Greg Monahan, as a global money laundering reporting officer (GMLRO), in order to clear the company’s ongoing money laundering case.

In this regard, Teng told the media, “I look forward to working with the talented team at Binance Singapore in furthering our business growth in a responsive and sustainable manner by meeting the needs of investors, adhering with best practices, and complying with regulatory standards.”

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