One of the world's largest crypto-instruments, Binance, announced the launch of the Social Impact Fund investment fund, with a reserve of $ 1 billion - to finance blockhouses and crypto-cash start-ups.
Ella Zhang, the head of the incubator Binance Labs, during an online conference on Thursday said that the fund will be financed from its own crypto-exchange facilities, and is called upon to contribute to the development of the crypto-ecosystem.
Binance intends to provide the reserve fund in 10 receptions: $ 100 million per stage, eventually, creating a fund of funds (a fund that invests in other funds), but with the possibility of direct investment in block projects.
As the head of the incubator explained, the Binance team plans to select 20 funds with assets in excess of $ 100 million, and investments from the exchange will be received in the BNB tokens.
The first block-start-up, financed by crypto-instruments, is likely to be the project of Chen Veisin, head of the development company Funcity and the founder of the ridersharing application Kuaidi Dache. Chen and co-founder of the project Young Yun announced the creation of a detachment based on the blockbuster at the Big Data expo, which took place last week in the Chinese city of Chuozhou.
"We believe in this breakthrough social experiment. Binance Labs is committed to working with prospective projects to jointly develop the industry, "said Zhang.
In April, Binance signed a memorandum of cooperation with the government of Bermuda, according to which the Binance Charity Foundation, the Charity Foundation, will invest $ 10 million in educational programs in the technical field and $ 5 million in start-ups in the region, as well as create a global standardization center .
Also, last month it became known that crypto-exchange plans to create jobs for Ugandan youth and attract investment in the country's block-industry. At the same time, the head of the company hinted that he does not plan to stop in Uganda, and will master the entire African continent.