Binance Unveils Plan for $1 Billion Blockchain Startup Fund
Ella Zhang, head of the exchange's incubator program Binance Labs, said during an online meetup Thursday that Binance will be contributing their own reserved capital to the "Social Impact Fund".
The money will be invested in 10 phases of $100 million, and all investments will be made through Binance’s (BNB) token.
Binance Labs will focus on startups working with public blockchains, decentralized exchanges, custody/payments/wallet, stable digital currency, and compliant alternative trading systems or security token platforms.
"We believe it's a disruptive social experiment. Binance Labs hopes to work with more aspirational projects to explore blockchain applications and together move forward the growth of the industry," Zhang said.