Binance Crypto Exchange Search for Leading Partners to Setup a $1 Billion Fund
Largest crypto exchange by trade volume seeks 20 leading partners for an investment fund
On 1st June 2018, according to an executive of Binance, the largest crypto exchange by trade volume globally, search 20 leading partners to set up an investment fund. The planned 1 billion USD fund will support blockchain and crypto startups.
The fund plans to utilize BNB tokens of the exchange as the investment methodology. Binance Labs, the incubator spin-off will administer the process of funding.
News media outlet PANews quoted the head of Binance Labs, Ella Zhang regarding a statement made during an online conference, “Investment is all one level, and it is held on a long-term basis”. According to Zhang, the exchange seeks funds with at least 100 million USD in capital for a ‘Community Influence Fund’ as well;
We do proper asset management. We like to lock in long-term projects. Investors and entrepreneurs are locked together. Not believers do not enter.
The crypto exchange plans to launch both ‘Community Influence Fund’ and ‘Binance Ecosystem Fund’ with 20 leading partners soon.
As of 1st June 2018, according to Coinmarketcap.com, the 24-hour volume of Binance is 1.5 billion USD ranking the crypto exchange at the top of the list.
Binance Funding and Guidance for Startups
Earlier in 2018, Binance Labs created a “Social Impact Fund” which led to a 30 million USD investment for MobileCoin startup by Moxie Marlinspike, as an incubator to nurture new concepts and ideas for future projects backed up by financial and mentorship assistance. Also, Marlinspike is the creator of Signal and Open Whisper Systems encrypted messaging app.
Binance made a statement related to the first incubation project Dache Chain which is a new ride-hailing service in China on the blockchain:
This project will utilize blockchain technology to redesign the relationship between the interests and power of entrepreneur, labors, consumers, investors, and organizers. Dache Chain will establish a community ecosystem with value anchoring, and expects to achieve a pure shared ecosystem and solve the problem of unfair distribution of productivity and wealth.
Aside from MobileCoin, the exchange is investing on Oasis Labs smart contract startup, Certik verification service and Republic crowdfunding platform. It is visible that Binance uses the investments to expand its platform by funding new startups, something that many leading firms are doing these days.