Binance, an international multi-language cryptocurrency exchange has announced its plans to set a US$1 billion investment fund. Ella Zhang, head of Binance Lab, announced this investment fund in an online conference. Binance Lab will choose 20 qualified fund accomplices to work together on this project. It will give financial help and share high quality project. All investments will be made with BNB crypto coins.
The investment funds will be administered through the Binance’s incubator spin-off Binance Labs. BNB coin will set up a social impact fund of US$1 billion, and will progressively choose 20 accomplices as the “coin ecology” fund. From one viewpoint, it will give budgetary help to LPs, and then again it will share quality things for security. The members from the coin ecological fund will have the expert to give Labs priority suggestions, and all investments will be completed by BNB.
As reported by China Money Network, Binance Lab also announced that the blockchain-based ride hailing project of Chen Weixing, will be its first incubation project. Chen is the founder of Kuaidi Dache, which merged with Didi Chuxing. He said last week that he was considering starting a blockchain-based ride hailing and consumer services platform.
Ella Zhang, head of Binance Labs said that
“Investment is all one level, and it is held on a long-term basis. 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 fundamental conditions for meeting the cash security ecological fund include long term investment establishments, investment groups that have faith in the business, and knowledge into the task, and collectively oversee investment foundations with a fund size of more than 100 million U.S. dollars, and effectively take an interest in investment organizations that have made blockchain technological developments.
Ella Zhang further said that
“The reason why we do this is because we have to export our central resources. It is our own team that cannot support an industry”
As per Ella, Coin Security Labs has invested in four projects, namely the cryptocurrency MobileCoin, the high-performance public chain Oasis Labs, the smart contract defender Certik, and the compliance crowdfunding platform Republic. Among them, MobileCoin is the first project invested by Labs.