Leading exchange Binance intends to open $1 billion fund
Binance, the major platform for crypto trading, intends to launch the fund to provide assistance to the companies and projects in the blockchain and crypto segment.
"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," the company spokesperson stated.
Binance Labs CEO stated that the new foundation would be financed from the company's own reserves. The investments are said to be made in several stages – $100 million each.
"Binance will pour in the $1 billion over 10 phases of $100 million each and, in essence, will create a combination of a fund of funds (a fund that invests in other funds) and a direct fund that invests in blockchain projects," the news report reads.
It is worth mentioning that the funding will be provided by Finance's own token BNB.
According to the media, the new fund is said to provide the first assistance to a blockchain ride-hailing project announced by Chen Weixing, CEO of app developer Funcity and former founder of Chinese ride-hailing app Kuaidi Dache.
01 June, 2018 17:15
← GMO Internet Group announces bitcoin app for mobile games
Japan's GMO Internet Group has developed a mobile application titled CryptoChips in which users can play and earn bitcoin at once. The new application will be integrated into online-game Whimsical War, the company press-release says. On the IOS and Android, users will receive bitcoins as a reward for the ranking and completed missions in the game beginning from this August.
01 June, 2018 14:51
imToken wallet receives $10 million financing →
The crypto wallet – imToken – has reportedly managed to attract $10 million investments from China's IDG capital during the Series A funding round. Earlier, this investment company provided funds for Circle, Ripple and Bitmain. The company CEO and founder said that the received funds will be spent on business expansion, entering new markets and upgrades of imToken 2.0.
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