Crypto Exchange Binance To Launch $1B USD Blockchain Startup Fundbr>
Binance, the world’s largest cryptocurrency exchange by market capitalization, has announced its plans to launch a $1 billion “Social Impact Fund” to support high-quality and long-term blockchain projects.
Ella Zhang, head of the exchange’s incubator program Binance Labs, made the announcement in an online conference. Zhang said Binance will pour in the $1 billion over 10 phases of $100 million each and will create a combination of a fund of funds and a direct fund that invests in blockchain projects. All investments will be made through Binance’s own BNB token.
She added that Binance Labs will select 20 qualified fund partners to collaborate on this initiative. Eligible fund partners should be long-term investors who have a firm belief in the cryptocurrency and blockchain ecosystem, and have asset-under-management of more than $100 million.
The first project to be supported is the recently announced blockchain-based ride hailing project by Kuaidi Dache founder Chen Weixing and Meituan co-founder Yang Jun. The partners aim to create a platform that will offer lifestyle services such as ride hailing and deliveries, among others.
“We believe it’s a disruptive social experiment. Binance Labs hopes to work with more aspirational projects to explore blockchain applications and together move forward the growth of the industry,” Zhang said.