Binance to Launch $1B Blockchain Startup Fund

New organization will be a combination of a fund of funds (investing in other funds) and a company investing in blockchain projects directly
01 June 2018   518

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

According to the chief of the incubation program Binance Labs Ella Zhang, the funds will come from the company's own reserves. The funds will be allocated gradually, during 10 stages (each time - at $ 100 million).

Also, she notes, the new organization will be a combination of a fund of funds (investing in other funds) and a company investing in blockchain projects directly.

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.

Ella Zhang

Chief, Binance Labs

Binance is seeking 20 funds to invest in, which each must manage a pool of at least $100 million in order to be eligible. 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.

Binance to Start New Fiat Exchange Beta Test

As reported, CEO of the exchange had announced the new platform at event in Singapore
17 September 2018   152

On Tuesday, September 18, Binance will launch closed beta testing of a new trading platform with support for Fiat in Singapore.

The corresponding statement of the head of Binance Changpeng Zhao made on Twitter.

I just slipped that we will begin Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting!

Changpeng Zhao

Founder, Binance

Other details of the new Binance initiative have not yet been disclosed, but it can be assumed that the new exchange will support the Singapore dollar.

As Finance Magnates clarifies, Changpeng Zhao also reported on the launch of the new platform at the blockchaain conference in Singapore, where co-founder and CEO of the Gemini exchange Tyler Winklewoss also attended.

Last week Binance signed a memorandum of understanding with the Stock Exchange of Malta, under which a platform will be launched to trade tokens with the properties of securities.