Binance, one of the world’s largest cryptocurrency exchanges, is launching a $1bn Social Impact Fund.
The fund is looking to foster the growth of blockchain and cryptocurrency startups according to Ella Zhang, head of the exchange’s incubator program Binance Labs.
Zhang said during an online meetup that the capital for the fund, which will be denominated in Binance’s BNB coin, will be coming from Binance’s own.
It will be distributing the $1bn in 10 phases of $100m dollars each, creating a combination of fund of funds
It is now seeking 20 partners that will be long-term investors who are committed to cryptocurrency and blockchain,and have assets-under-management of over US $100 million according to Zhang.
Back in April, Binance Labs led a $30m funding for MobileCoin, a cryptocurrency designed to support private payments. MobileCoin is a cryptocurrency which has been created to be used ‘by everyone’ and provides a secure and private payment system. Transactions can be completed instantly, with all tokens locked behind 4-6-digit PINs. Its ledger is opaque, and all transactions are protected on the network to ensure safety.
The cryptocurrency exchange also recently invested $15m in Bermuda, with Premier and Minister of Finance of Bermuda David Burt signing a memorandum of understanding (MOU) with Binance Group.
According to the MOU, Binance will spend up to $10 mln on university level training for Bermudians in blockchain technology development and compliance through the Binance Foundation. The company will also provide up to $5 mln in investments in new Bermuda-based blockchain companies through Binance Labs.
Binance supports the trade of a selection of different digital tokens including Bitcoin, Ethereum and Litecoin. It recently raised its own funding, picking up an undisclosed amount late last year from investors including Blackhole Capital, and Funcity Capital.
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