Cryptocurrency exchange Binance announced the creation of a social impact Fund with a capital of one billion dollars, which will support cryptocurrency and blockchain startups.
On Thursday during an online meet up the head unit Binance Labs Ella Zhang (Ella Zhang) reported that the funds for the Fund will provide exchange Binance.
As explained by Zhang, the funding will happen in 10 stages of 100 million dollars each. The social impact Fund will provide a combination of funds: Fund of direct investments and Fund of funds. The Fund will cooperate with 20 other funds, each of which must be in management not less than $ 100 million in assets to be eligible for participation in the program. Investments are to be made via private token Binance – BNB.
The first project that will receive direct investments in the programme — initiative for the development of blockchain-apps for finding travel companions, announced last week at the Big Data in Guizhou (China), the development of which is governed by the General Director of the Chinese startup Funcity Chen Basin (Chen Weixing) together with Yang Jun (Yang Jun) is a co-founder of Meituan, one of the largest discount applications in China.
«We are confident that this revolutionary social experiment. Binance Labs plans to attract many ambitious projects, together with them to explore opportunities for the application of the blockchain and thus to contribute to the advancement of the industry,» added Zhang.