Binance’s $100 Million Accelerator Fund Adds 5 New Projects
- Along with the first batch of blockchain companies who received funding, the projects working on Binance Smart Chain now number 11.
- The exchange platform will look to recruit more new developer organizations, which are inclined to foster innovation and help grow the Binance ecosystem.
Illustration from Freepik
On October 29, Binance announced the addition of 5 new blockchain projects to the second batch of their $100 million accelerator fund, with which the company now supports 11 separate organizations building on its chain.
In the announcement, the cryptocurrency exchange named each one of the newly-funded projects and described the functions, which they will execute for their platform. One of its most valued new partners is the decentralized NFT auction platform Bounce, which will incorporate liquidity mining, decentralized governance, and a staking incentive mechanism to provide OTC trading, token sales, and NFT auctions on Binance Smart Chain.
Other projects include DeFiStation, a DeFi chart and analytics board that will be monitoring the processes connected to on-chain project building, and Gitcoin, which will organize crowdfunding and foundation grants for open-source blockchain projects.
Moreover, Binance added support for two other software development companies, JustLiqudity and PARSIQ. The first will be responsible for creating an efficient next-generation liquidity protocol mechanism to prevent low liquidity by instituting token unlocking schedules and single side liquidity in smart contracts, while the latter will provide IFTTT (If This Then That) programmability for BSC by allowing actions to be triggered directly by smart contract data and events.
These blockchain projects will join the previously-announced Anyswap, Arkane Network, BakerySwap, Bitquery, Pancake Swap, and Proxima.
According to the announcement, Binance will continue looking for more innovative projects to support the Binance Smart Chain, such as synthetix, derivatives, prediction marketing, aggregators, and more. The exchange platform claimed that at present, more than 40 dapps, infrastructure solutions, and tools are actively running on BSC.
Binance further described some of the benefits of joining the $100 million Accelerator Fund and urged startups to submit their ideas. Companies, which plan to apply for grants are said to receive PR, marketing, recruiting, and peer support from the operator, along with many businesses opportunities to get to know the cryptocurrency market and the variety of ecosystems in it more closely.
- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
Shutterstock
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.
- Scheduled for 7 July, the suspension will impact AVA, SPELL, BIFI, ALPACA, POLS, ACH, SUPER, and FARM on the BNB Smart Chain, Fantom, Avalanche, and Ethereum networks.
- Binance clarified that trading of these tokens will not be impacted, and that users will still be able to deposit and withdraw them through alternative networks that do not involve the Multichain project.