Binance Announces $1B Fund For Blockchain and Crypto Startups

Binance Announces $1B Fund For Blockchain and Crypto Startups

World’ largest cryptocurrency exchange by daily trade volume, Binance announced a $1 billion venture capital fund focused at backing crypto and blockchain startups.

The Community influence Fund was announced by Ella Zhang head of Binance Labs at an online meetup today. The investment will be made in Binance’s digital token BNB coin.

The “funds of funds” will find 20 funds in which to invest. Zhang says that Binance will invest in projects with at least $100 million in capital.

The company will also launch a Binance Ecosystem Fund that will include 20 partners. Further details about both the initiatives are expected to be released soon by the firm.

Though the exchange calls Hong Kong its home, it is currently in process of moving to Malta, where it had been welcomed by regulators.

This is not the first investment fund from Binance as earlier this year the firm announced its Binance Labs division which has already struck a few deals. Zhang describes the Labs as a “social impact fund”. In April, Binance Labs led a $30 million funding round for MobileCoin, a startup advised by the creator of Signal.

The first project to receive investment from this new venture will be a new blockchain-based ride-hailing service in China called Dache Chain. One of the co-founder of Dache Chain is Chen Wiexing, CEO of Kaudi Dache, a ride-hailing service which later merged with China’s dominant ride-hailing service Didi Chuxing.

“This project will utilize blockchain technology to redesign the relationship between the interests and power of entrepreneur, labors, consumers, investors, and organizers. Dache Chain will establish a community ecosystem with value anchoring, and it is expected to achieve a pure shared ecosystem and solve the problem of unfair distribution of productivity and wealth,” Binance said in a statement.

In addition to MobileCoin, Binance has also made a number of investments in other startups like Oasis labs, a smart contract startup, Certik, a verification service and Republic, a crowdfunding platform.

According to Coinbase, Binance is the largest cryptocurrency exchange in the world with a daily volume of about $1.6 billion.

Also Read: Binance Offers $250,000 Bounty For Arrest of Hackers

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