Binance Coin Rises on Launch of Billion-Dollar Blockchain Fund

Binance Coin (BNB) is one of the most popular cryptocurrencies thanks largely to the use cases that Binance has created for BNB.  One of these use cases surrounds the Binance Smart Chain, which runs on BNB. Now Binance via Binance Smart Chain has introduced a $1 billion fund in an attempt to accelerate the adoption of crypto and the blockchain.

According to Binance Smart Chain, it’s the “biggest growth fund in the history of crypto.” The fund is blockchain agnostic and will focus on raising the profile of the entire industry.

Binance will spread 50% of the fund across several niches, including the following areas:

  • Gaming
  • Metaverse
  • Virtual Reality
  • Artificial Intelligence
  • Financial Services

The company will also direct $300 million toward its Builder Program, including $100 million for hackathons, both local and globally. Another $200 million will be used to bolster the exchange’s Most Valuable Builder Program, through which Binance incubates select decentralized apps (dApps) and infrastructure projects that choose to build on Binance Smart Chain.

Growth Company

Messari Founder Ryan Selkis named Binance among what could be the “six fastest growing companies of all time.” Binance’s 24-hour volume currently hovers at $24 billion, according to Statista. Last month, Binance’s trading volume in the crypto spot market was nearly $790 billion. In addition, the exchange produced profits ranging from $800 million-1 billion last year as cryptocurrencies gained wider-scale adoption.

Binance Coin has climbed higher by more than 1,000% so far this year and is up approximately 5% in the last 24 hours.

Binance is also on the radar of regulators for suspicions of potential money laundering, tax evasion and insider trading. A probe, in which the CFTC is involved, is investigating whether Binance used customer data to its advantage to profit from trades. Binance has responded by ratcheting up its internal controls.

CZ Influence

One of the reasons for Binance’s popularity is seemingly CEO Changpeng Zhao (CZ). He has a habit of engaging with his followers and involving them in key decisions. Most recently, CZ has asked crypto Twitter which coins Binance should list or bolster the pairings for next, in response to which he received thousands of responses.

Among the suggestions were to list the latest meme coins, including Floki Inu, as well as the Sonar token for crypto analysis and tracking for the Binance Smart Chain and ETH networks.

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