$1B Blockchain Fund Is Established By Binance

During an online summit Ella Zhang, head of Binance Lab, announced that a multi-language cryptocurrency exchange Binance declared programme to create a US$1 billion fund.

Binance Lab as well informed that Chen Weixing’s blockchain-based ride hailing project  will be its first hatching project. Chen is the founder of Kuaidi Dache, which merged with Didi Chuxing. Last week he announced that he was thinking on starting a blockchain-based ride hailing and consumer services platform.

Binance Lab draws its attention on drafts in social chain, decentralized exchanges, derivatives investment, token trading platform and mobile wallet and payment. In its portfolio are incorporated MobileCoin and smart contracts verification platform Certik.

Zhao Changpeng, Binance CEO, shared in a Linkedin post that in 2017, crypto businesses globally raised US$5.7 billion from initial coin offerings. In Jan 2018 alone, crypto businesses already raised more than US$2billion from ICOs. Zhao did not say where he was quoting the data from.

In fact, Binance Lab will select 20 qualified fund partners to work together on this effort. It will provide financial support and share high-quality projects. All investments will be made with BNB crypto coins.

Qualified fund partners ought to be long haul financial specialists who have confidence in cryptographic money and blockchain, and have resource under-administration of more than US$100 million, as indicated by the declaration. Candidates need to demonstrate their reserve estimate, and submit presentation of their colleagues and venture portfolios to be considered by Binance Lab as an accomplice.

 

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