• Sun. Jul 14th, 2024

Binance Announces $1 Billion Fund for Binance Smart Chain Ecosystem

Christian Klausen

ByChristian Klausen

Oct 23, 2021

Binance Smart chain (BSC) is a blockchain project that has been started by the Binance development team and global community members. Reportedly, Binance has been able to become the largest cryptocurrency exchange in the world, leaving behind big names like Coinbase and others. The management of Binance has decided to extend their support towards the blockchain project.

As per a new article published by Bloomberg, Binance has recently made a $1 billion fund official for the development and growth of BSC. A media spokesperson of Binance made it clear that $300 million is going to be directed towards infrastructure development. Meanwhile, $100 million has been dedicated to setting up liquidity incentives and talent acquisition. The remainder of half a billion dollars is going to be focused on a multitude of areas like VR technology, gaming, financial services with blockchain, among other miscellaneous projects.

BSC Developers are Working on Inter-Blockchain Connectivity

A statement from the investment director of Binance Smart Chain has come to light recently that can prove to be a revolutionary step. In the current year, Binance has been able to launch several projects that allowed it to gain a global leadership position in the field of cryptocurrency investment. Now, the investment director, Gwendolyn Regina, has told the media that the BSC developers are working on inter-blockchain connectivity technology.

This type of communication extension can once again bring BSC to the forefront of the crypto community innovators. There are only a limited number of blockchain projects like Chainalysis that have this capability. If BSC manages to make this technology go live before the end of next year, it can be a major game-changer for the blockchain project.

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Currently, Binance has been in the news for all the wrong reasons. After a series of lawsuits and regulatory notices, Binance has also become the cryptocurrency exchange in the world, with the largest amount of states going after it. In countries like Japan, Thailand, the USA, the UK, and many others Binance is currently facing backlash and a series of warnings by the respective local government.

However, Binance has been able to deal with a lot of these pushbacks with the help of policy change and several other techniques. The crypto exchange giant has increased its regulatory division by a huge margin this year along. Furthermore, the management has also announced that it is going to be cooperative with the regulators to ensure that the services in many countries around the world are restored for its consumers as soon as possible.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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