Binance, a cryptocurrency exchange behemoth, is set to launch a $1 billion fund for cryptocurrency and blockchain technology startups. Ella Zhang, Head of Binance Labs, announced the establishment of the fund during an online meetup session on May 31, 2018.
The Binance Social Impact Fund
The world’s largest cryptocurrency exchange platform will invest $1 billion, in ten separate phases of $100 million each, into what has been dubbed the “Social Impact Fund.” The program will purportedly invest in startup projects and cryptocurrency/blockchain funds. According to Ella Zhang, Head of Binance Labs, the company plans to collaborate with 20 such cryptocurrency/blockchain funds, which must manage assets worth at least $100 million to be eligible to participate in the Binance Social Impact Fund.
The Social Impact Fund will focus on projects in specific areas — including decentralized exchanges, custodial solutions, stablecoins, and security token platforms.
Corr: we’d like to partner w/ fund managers who have managed >$100m AUM accumulatively, not that we only invest in crypto funds w/ >$100m AUM. Instead, we like small funds managed by experienced investors. Thanks @TechCrunch. We’ll do an EN AMA this Thur! https://t.co/HJxx0CtLbc
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