Binance is launching a fund to support blockchain projects

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Binance is launching a fund to support blockchain projects

The largest crypto-exchange Binance, announced its plans to launch a fund that would support companies operating in the field of blockchain and digital currencies.

According to the head of the program Binance Labs Ella Zhang, the funds for the fund will come from the company’s own reserves. The funds will be allocated gradually, during 10 stages (each time – at $ 100 million).

She also notes that the new organization will be a combination of a fund of funds (investing in other funds) and a company investing in blockchain projects directly.

As for the fund of funds, this unit will select 20 investment facilities. The size of assets under the management of companies participating in the new fund should be at least $ 100 million. It is noteworthy that Binance will invest in these funds through its own BNB token.

Building in a hand businessmen

“We are convinced that this is a breakthrough social experiment. Binance Labs hopes to work with purposeful blockchain projects and, together with them, contribute to the growth of the industry, “added Zhang.

Moreover, Binance appointed an award of $250 000 for information which can lead to detention of the hackers who made an unsuccessful attempt of breaking into the platform on March 7. Besides, the company allocated $10 more for awards for the help in prevention of similar incidents.

“To ensure safety of cryptocommunity, we can’t play only from defense. We have to actively prevent all attempts of breaking before they are made and to react later. In spite of the fact that the attack to Binance wasn’t crowned with success, it was obvious that it was the large-scale and an in advance planned operation.”

— said in the statement.

Moreover, for “important information” which will lead to arrest of hackers, $250 000 in Binance Coin coins will be given. In case data are obtained from several sources, the exchange reserves the right to divide an award between them into the discretion.

“Binance has allocated an equivalent of $10 million in cryptocurrency for awards for the help in fights against future illegal hacker attacks now. Besides, we urge other exchanges and cryptocurrency companies to join our initiative.”

— representatives of the platform noted.

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