Binance to Establish $1 Billion Investment Fund For Blockchain Startups

The giants of the crypto world are starting to compete with traditional venture capitalists. Binance, the world’s leading crypto exchange, has announced the creation of a $1 billion fund aimed at development of blockchain startups. The ‘Community Influence’ fund will use BNB coins as means of payment. Binance also revealed its plans to create Binance Ecosystem Fund which will consist of 20 partners. No further information, however, was provided on the subject.

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According to Coinmarketcap.com, Binance is the world’s most active crypto exchange. Right now the company is located in Hong Kong, but it already began moving its headquarters to Malta, which is particularly famous for its friendly attitude to cryptocurrencies.

Binance participated in the establishment of a “social impact fund”, which invested $30 million in MobileCoin. Other projects that received funding from Binance include smart contract startup Oasis Labs, verification service Certik, and crowdfunding platform Republic.

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