Binance Announces $1 Billion Investment into Blockchain and Crypto Startups
The largest cryptocurrency exchange in the world, Binance, has just announced a new investment fund dedicated to crypto and blockchain startups. The exchange will contribute $1 billion for funding new firms willing to explore the technology and its applications.
Binance invests once again
The new investment fund called ‘Community Influence Fund’ will be one of the largest dedicated to helping startups in the field of blockchain and crypto technologies. The fund is offered by Binance, the world’s largest exchange for cryptocurrencies, and will be paid in the exchange’s own BNB coin. This new announcement came via online broadcast by the head of Binance Lab’s division, Ella Zhang.
According to Zhang, Binance’s goal is to help create other funds and work with various fund managers who have at least $100 million in assets. She commented on this via Twitter and stated that Binance is looking for small funds that have experienced investors as part of their management team.