Binance, one of the world’s largest cryptocurrency exchanges, has announced the establishment of a billion dollar Fund “Social Impact Fund” for the financing of cryptocurrency and blockchain startups.
Ella Zhang (Ella Zhang), the head of the business incubator of the exchange Binance Labs, said during an online conference that the initial capital of the Fund will be formed at the expense of own funds Binance. So the exchange plans to make a direct material contribution to the industry ecosystem.
Binance share capital replenishment into 10 equal parts, making a $100 million at each stage. In fact, the company’s new initiative has two directions: implementation of investments in other funds and direct investment in projects.
As to the first, said Zhang, now Binance looking for 20 potential third-party funds for investment. A passing condition is the presence of the stock of a pool at least $100 million. Infusion will be carried out in your own tokens Binance, BNB.
The first project, which will receive a grant “Social Impact Fund” has become the analogue of Uber that uses the blockchain. The founder of the project is Wasini Chen (Chen Weixing), CEO of app developer.
“We are confident that this revolutionary social experiment. Binance Labs hopes to work with many other ambitious projects together to explore the possibilities of blockchain applications, and to move the industry forward,” added Zhang.
This is not the first time Binance acts as a major investor blockchain initiatives. In April, the exchange has invested $10 million in the educational program of the Bermuda Islands associated with bloccano, as well as another $5 million in local industry startups.