Binance Establishes $1B Blockchain Investment Fund
Binance, one of the most significant global, multinational-language ecosystems in the blockchain technology, announced plans to establish a US$1 billion fund. Ella Zhang, head of Binance Lab, divulged the details in Binance Labs Investment and Sharing Conference. Binance Lab will pick 20 able fund partners to work collectively on this effort. It will give financial assistance and share high-quality projects. All investments will be financed with BNB crypto coins.
The announcement emphasized the establishment of a social impact fund of US$1 billion and selection of 20 partners as the “Coin Safety Ecological Fund”. Qualified fund partners are required to a have a long-term investment vision and repose faith in cryptocurrency and blockchain and should hold asset-under-management of more than US$100 million, according to the announcement. The applicants have to demonstrate their fund size and furnish introduction of their team members and investment portfolios to be considered by Binance Lab as a partner.
Binance Lab also stated that the blockchain-based ride-hailing project of Chen Weixing will be its first incubation project. Chen is the founder of Kuaidi Dache, which merged into Didi Chuxing. He said last week that he was contemplating starting a blockchain-based ride-hailing and consumer services platform. Binance Lab concentrates on projects in public chain, decentralized exchanges, derivatives investment, token trading platform and mobile wallet and payment. Its portfolio comprises MobileCoin and smart contracts verification platform Certik.
The members of the Coin Ecological Fund will have the authorization to give Labs priority recommendations, and it is worth mentioning that BNB will complete all investments. “The reason why we do this is because we have to export our central resources. It is our own team that cannot support an industry,” said Ella. “Investment is all one level, and it is held on a long-term basis. We do proper asset management. We like to lock in long-term projects. Investors and entrepreneurs are locked together. Not believers do not enter,” added Ella.
Image via Binance Facebook Page
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