Binance Selected First Six Blockchain Projects ...

Binance Selects First Six Blockchain Projects Under $ 100 Million Grant

  • The exchange allocated $ 350 thousand for the development of the first six projects

  • In this way, Binance “aims to foster innovation in blockchain technology.”

  • Domestic market does not share Binance’s enthusiasm

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The cryptocurrency exchange reported on the first six projects that received funding under the investment program for $ 100 million

Binance Selected First Six Blockchain Projects ...

Binance crypto exchange announced the first investment in six blockchain startups in support of the development of the cryptocurrency market. According to the official press release, the first $ 350 thousand investments attracted six projects based on the blockchain exchange – Binance Smart Chain.

The following projects received an average of $ 58,000 in investments: AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap and Proxima. Binance launched a fund to support blockchain startups in September 2019 with the aim of empowering decentralized projects (DeFiDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More) and centralized (CeFi) finance.

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In addition to investments, projects also get access to Launchpad and Launchpool, Binance says. Binance CEO Changpeng Zhao said the exchange “seeks to encourage innovation in blockchain technology”.

Binance Selected First Six Blockchain Projects ...

Counter resistance

This is far from the first exchange initiative aimed at promoting the cryptocurrency market. BeInCrypto previously reported that Binance has allocated $ 5 million in Binance Coin (BNB) to the new BUIDL Reward Program, which aims to reward developers of decentralized applications (dApp).

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However, not everyone shares Binance’s efforts. At the end of September, the site of the exchange was on the list of resources prohibited by Roskomnadzor due to the availability of information about the possibility of buying and selling bitcoins. It is noteworthy that a week after the blocking of Binance, another cryptocurrency exchange, Huobi, announced the launch of a mobile application for cryptocurrency trading focused on the Russian market..

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