Binance Smart Chain, often shortened as BSC, is an infrastructural part of the Binance exchange that hosts Decentralized Applications. It claims to be the largest Decentralized Finance blockchain with more than 100 million users.
In furtherance of this, Binance announced to have launched a $1 billion initiative to create more robust adoption of its smart chain globally. Not only that, but also deft crypto education and awareness.
Binance informed the Press that this fund will be strategically utilized to meet its end goal. As a result, it split the fund into four cogent directions: Talent development, Builder program, Liquidity Incentives, and Investments.
In terms of talent development, Binance is pumping $100 million into building staunch developers communities in various jurisdictions. In these communities, Binance will organize events like hackathons, conferences, and programs accordingly.
Similarly, the exchange plans to also support research and development in emerging technologies, and also provide scholarships.
Majorly, Binance is launching this initiative for investment as half of the fund was directed to that. It hopes to grow blockchain-based possibilities like Metaverse, AI, virtual reality, decentralized computing, and so on.
The Investment Director of the BSC Accelerator Fund, Gwendolyn Regina, commented that the initiative is also directed towards ensuring interoperability among different chains.
“With the $1 billion initiative, our focus will be widened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains. We’re gearing up to bolster the adoption of crypto and blockchain to accelerate its growth globally,” says Regina.