Binance has set aside $ 100 million to attract developers and projects to Binance Smart Chain. This fund will focus on DeFi applications.
Cryptocurrency exchange Binance has created a $ 100 million fund to attract developers and projects to Binance Smart Chain.
The announcement was made in a live stream today by Binance’s CEO, Changpeng Zhao. Participants will be able to receive funds up to $ 100,000 under the program. This new initiative comes a week after Binance launched the smart contract-focused Binance Smart Chain, which was developed as a parallel chain to Binance Chain.
Funding for projects up to $ 100,000
The $ 100 million fund will focus more on decentralized finance (DeFi). Successful projects that receive funds up to $ 100,000 will be able to provide liquidity to their tokens and be listed on Binance.com, if they pass security audits and detailed reviews of Binance.
Binance also aims to bring its main exchange and blockchain platform closer together. With the integration between the two, exchange users will be able to directly access many DeFi projects on Binance Smart Chain.
Finally, Binance CEO Changpeng Zhao said in a statement on the subject that the initiative is based on available funding sources for developers.
The exchange, which launched the Binance Smart Chain on September 1, also started staking for its own crypto currency Binance Coin (BNB).