The introduction of Binance Smart Chain (BSC) as the foundational launch pad in September 2020 had fostered the development and adoption of Decentralized Applications (dApps). Since its inception, the Binance platform has experienced a gradual surge in its active users. According to the Defistation, Pancake Swap, the DEX built upon BSC is valued at 9.8 billion.
The recent announcement from Binance Cryptocurrency exchange aims to bring the biggest revolution in the crypto space. The exchange has announced the investment of a $1billion accelerator fund for strengthening the capabilities of the Binance Smart Chain (BSC). This aims to make it the mainstream adoption in the fintech sector. These eight–figured funds are tied to leverage development of four major areas – Talent Development, Incubation & Investment Program, Liquidity Program, and Builder program with the funds ranging between $ 100 M to $ 500 M for each. Of the billion, half the millions will go towards investment programs and the remaining half will be attributed to the other three – above-mentioned areas.
Initially, the $100 million funds were set up to grow the BSC ecosystem with which 40 projects and around 200 startups have been funded. With the active collaboration with industry-leading organizations, Binance targets expanding the horizon of blockchain technology. As a result, it aims to bridge the crypto–blockchain and the prevailing gap in the fintech sectors. By the issued statement, Binance Crypto Exchange outlines the higher expectations for providing interoperability between Web 3.0 and traditional infrastructure.
Presently, the BSC ecosystem is majorly focused on the USA, Russia, India, Southeast Asia, and Europe which over the years shall touch the bigger market spectrum. Binance CEO Changpeng Zhao has indicated in his statement that the plan aims to accelerate the mass adoption of digital assets and make Binance the first-ever blockchain space with over 1 billion users.
