Today the largest crypto currency exchange Binance announced plans to launch a Fund to support companies working in the field of blockchain and digital currency, reports CoinDesk.
According to the head of the incubation program Binance Labs Ella Zhang, the funds for the Fund will come from the private reserves of the company. Funds will be allocated gradually over the course of 10 steps (each time — $100 million).
Also, she notes, the new organization will represent a combination of Fund of funds (investing in other funds) and companies investing in blockchain projects directly.
As regards Fund of funds, this unit will select 20 projects to invest in. The size of the assets under management of the companies-participants of the new Fund must be at least $100 million. it is Noteworthy that the investments in these funds Binance be done through private token BNB.
“We are convinced that this is a breakthrough social experiment. Binance Labs hopes to work with a dedicated blockchain projects, and together with them contribute to the growth of the industry”, added Zhang.
Earlier it was reported that China started a blockchain-An Xiong’Fund with a capital of $1.6 billion.