Binance, the largest trading platform, has set aside $1 billion to be used as a fund to accelerate the growth and integration of 1 billion customers into the world of digital currencies. According to the announcement it was announced through the platform for trading, this fund that is a continuation of its efforts to drive development in the newly emerging digital currency market has been divided into four parts, each with a distinct amount to help support the fundamental values of the program.
The first will include an investment of $100 million that is dedicated to Talent Development. As per the website, the money will be used for “mentoring communities for developers, training the new investors in crypto, offering university scholarships as well as running boot camps and helping to support R&D in cutting-edge blockchain technologies in cryptography, multi-party computation (MPC) and advanced consensus protocol, cross-chain and multi-chain infrastructure RegTech & Deep Analytics, and many more”.
The other category is a cash-flow incentive program to increase participation from both traditional and crypto-based organizations. In the context of this fund, Binance stated that “this will be focused on building a solid relationship between investors and emerging digital market for assets.”
The third is a bigger $300 million builder and incubation program which will be used to create “regional and global hackathons,” white hackers who benefit from joint bug bounty program, organizing conferences for developers, and assisting the existing popular development programmes.” The programs that the $300 million funds will be focusing on are crucial to ensure the operational effectiveness of the cryptocurrency ecosystem. Every aspect, including white bugs or bug bounty programmes, are required to make the ecosystem’s offerings secure from attacks and threats, a trend that appears to be expanding as blockchain technology advances.
The final section that the funds will cover is the $500 million Investment Program designed to help in the widespread use of digital currency around the world. But, the investments the fund will be generating will be able to encompass different tech fields, including artificial intelligence and virtual reality, in addition to others.
Blockchain technology is being utilized by millions of individuals across the globe using solutions that cover supply chains, digital currencies, NFTs, and data verification, among others. However, the complete Binance financing program will attempt to expand existing services to serve more users as part of the general market’s drive to adopt the technology.
The specific requirements of the builders who will be participating were not specified; however, the trading platform has confirmed that additional information about this program will be made public in the near future.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.