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.
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.