Binance, one of the world’s largest cryptocurrencies exchanges, announced the launch of the Social Impact investment fund. Its size is $ 1 billion, and its purpose is to invest in cryptocurrencies and blockchain start-ups.
Ella Zhang, head of the Binance Labs Exchange Incubator, said that the exchange itself will finance its fund from its own reserves. The global goal of its launch is the contribution to the ecosystem of cryptocurrencies and blockchain.
The company plans to conduct 10 rounds of financing for $ 100 million each. In fact, as a result of these actions, a combination of two components will be created – a fund of funds (a fund invested by other funds, as well as a direct fund for investment in blockchain projects.
Right now the Binance Exchange is looking for 20 funds to invest in its fund of funds. Each of them should exceed $ 100 million. Investments in the fund of Binance funds will be received in the BNB’s own tokens.
The stock exchange has already decided on the first start-up, which is ready to finance. It will be a draft project created by Chen Weixing, CEO of Funcity, an application development company, as well as the founder of the Kuaidi Dache ride-sharing application, which works on the basis of blockchain – this unique blockchain start-up Binance fund chose for investment.
A few weeks ago, the Binance Exchange agreed to cooperate with the authorities of Bermuda. This cooperation provides that Binance Charity Foundation, the Charity Foundation project, will invest $ 10 million in several educational programs, and another $ 5 million in blockchain start-ups in the region.
Cooperation with the authorities of Uganda provides investment from Binance in jobs for young people in the business of blockchain.
Binance was also actively involved in other investments. For example, the company, through its investment division Labs, has invested in MobileCoin, a start-up operating on Oasis Labs smart contracts, and also in the crowdfunding platform “Republic”. Source: bloomchain.ru