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   1212

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.

Huobi to Launch Own Public Blockchain

It is planned that the FinanceChain code will be opened in the third quarter, and the launch of the test network will take place in early 2020
02 July 2019   235

Huobi, a large cryptocurrency exchange, is going to launch its own public blockchain focused on services in the field of decentralized finance (DeFi). This is reported by The Block.

As part of the FinanceChain initiative, the marketplace has entered into a partnership with a startup Nervos. It is expected that the new platform will allow exchanges and other financial companies to launch their own blockchains, token up assets and provide various DeFi-services. In particular, FinanceChain will support the launch of credit services, stablecocks, offers of security tokens (STO), decentralized exchanges and various payment services.

More and more assets are being tokenized and moved to the digital world, including both native cryptocurrencies and traditional physical assets.
 

Kevin Wang

Co-founder, Nervos

It is expected that the FinanceChain code will be opened in the third quarter, and the launch of the test network will take place in early 2020. The launch of the main network of the new blockchain is scheduled for the second quarter of next year.

The system will support decentralized identification, and KYC tools will be built into it to ensure compliance with the requirements of anti-money laundering legislation (AML). Moreover, Huobi noted that the regulators themselves will be able to join the network as validators.

Mainstream blockchain systems (such as BTC, ETH, EOS, etc.) lack comprehensive support for regulation and compliance, limiting their use in the compliance market. 
 

Leon Li Lin

Founder and CEO, Huobi

It should be noted that in April, the launch of the main network Binance Chain.