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   844

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 Delist 5 Tokens

 CLOAK (CloakCoin), Modum (MOD), SALT, Substratum (SUB) and WINGS trading will be suspended on 22nd of February
15 February 2019   158

Binance, has announced the upcoming delisting of the following cryptocurrencies: CLOAK (CloakCoin), Modum (MOD), SALT, Substratum (SUB) and WINGS.

All trades with abovementioned tokens will be suspended on 22nd of February in 10.00 UTC; then tokens will be delisted.

Binance regularly evaluates the development of projects whose coins are represented on the platform, and takes into account the following characteristics:

  • team commitment to the development of the project, its activities and quality;
  • network stability and smart contracts;
  • community outreach;
  • communication with the exchange;
  • evidence of fraudulent or unethical activity;
  • contribution to the development of a cryptocurrency ecosystem.