Binance Reveals Plan for $1 Billion Blockchain Startup Fund

Binance, one of the world’s largest cryptocurrency exchanges, has announced it is launching a $1 billion “Social Impact Fund” to foster the growth of blockchain and cryptocurrency startups.

Ella Zhang, head of the exchange’s incubator program Binance Labs, said during an online meetup Thursday that the capital for the fund will be coming from Binance’s own reserves as a way to contribute to the industry ecosystem.

Binance will pour in the $1 billion over 10 phases of $100 million each and, in essence, will create a combination of a fund of funds (a fund that invests in other funds) and a direct fund that invests in blockchain projects.

For the fund of funds, the incubator chief further explained that Binance is seeking 20 funds to invest in, which each must manage a pool of at least $100 million in order to be eligible. Investments will be made through Binance’s own BNB token, she said…

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