Upstart cryptography is not just designed to disrupt the status quo start-UPS, some even competing with traditional venture investors. This became evident today after Binance, the world’s largest cryptocurrency exchange, announced the launch of a Fund to support companies working in the field of blockchain and cryptocurrency.
The Fund “Social influence”, which will be used for investments with its own currency exchange, BNB, is designed to help emerging start-UPS.
Ella Zhang, head of programme incubator exchange Binance Labs during the online meeting on Thursday said that capital for the Fund will come from its own reserves Binance as a way of contributing to the industrial ecosystem.
Binance will invest us $ 1 billion. USA in 10 steps of $ 100 million. each and, essentially, create a combination of Fund of funds (Fund that invests in other funds) and the Fund, which invests in blockchain projects directly.
The company will also launch Binance Ecosystem, which will bring together 20 partners. Further details of both initiatives will be published in the near future.
This is not the first investment project Binance. The company has had dealings through the division Labs, which was presented earlier this year and described as “social impact”. Binance invested in MobileCoin, release smart Oasis contract Labs, service verification Certik and crowdfunding platform Republic .