One of the largest cryptocurrency exchanges Binance announced the creation of a "Fund of public influence", aimed at financing the blockchain and cryptocurrency startups.
On 31 may, the head of the program Binance Labs Ella Zhang said that the Fund would be financed from its own reserves of the exchange. Binance plans to allocate funds in the amount of $1 billion. In accordance with the plans of the company, will establish two funds:
• A Fund that invests in other funds
• Financing facility for blockchain projects directly
Zhang said, "Binance Labs will work with the most interesting projects in order to examine ways of applying blockchain technology in various fields".
The first project that will receive financial support, will be a blockchain startup, allowing you to pay for the services of transportation companies using mobile applications. Last week, chief Executive officer application Funcity Chen Weixing shared plans about the creation of such a service.