Binance Launches $1 Billion Crypto Fund

Full article by Scott Chipolina found here.

• Binance, the world’s largest cryptocurrency exchange in terms of amount of transacted volume, has launched a $1 billion fund to promote for the adoption of blockchain technology and to support the Binance Smart Chain blockchain.

• Gwendolyn Regina, investment director of the Binance Smart Chain Accelerator Fund, reported that “with the $1 billion initiative, our focus will be widened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains.”

• About half of the funds will be used for blockchain services and some more specific fields such as gaming and VR. Furthermore, $300 million will go to a blockchain builder program and another $100 million to a talent development and liquidity incentives.

• The notorious crypto exchange has been the target of regulatory concerns this year, where officials from the United Kingdom, Italy, Malaysia, the Cayman Islands, Singapore, Holland, South Africa, and Japan have all addressed concerns with the exchange’s practices. Italy and the Cayman islands have outright banned Binance, and Malaysian officials took legal action against Binance for allegedly operating a business illegally in the nation. One of most cited issue regulators have with Binance is the company’s self proclaimed and literal lack of headquarters, which CEO Changpeng Zhao has often championed for stating the lack of a need for one to operate a business in the modern world.