Binance Creates $1-Billion Fund
June 4, 2018
The largest crypto exchange by daily trade volume Binance declared its plans to establish a crypto fund to the amount of $1 billion.
The fund is going to involve the exchange’s Binance Coin (BNB) and will be managed from blockchain incubator Binance Labs. Note that the incubator is used by the exchange now located on Malta to support blockchain projects with MobileCoin cryptocurrency as one of them that received $30 million.
“We do proper asset management. We like to lock in long-term projects. Investors and entrepreneurs are locked together. Not believers do not enter,” Binance Labs’ head Ella Zhang stated at the conference.
Binance’s fund plans attracting only huge companies with asset volume of at least $100 million. The exchange plans raising the required sum in 10 rounds $100 million each. The fund will be making investments into other funds and putting up in blockchain startups directly.