Binance cryptocurrency exchange has announced a $ 1 billion accelerator fund to expand the capabilities of the Binance smart chain ecosystem and drive mainstream adoption in the financial technology sector.

The stock exchange presents an eight-digit fund in a graduated growth model in four areas of competence: Talent Development, Liquidity Incentive Program, Builders Program, Investment & Incubation Program. The announcement suggests that they will allocate $ 100 million, $ 100 million, $ 300 million, and $ 500 million, respectively, to each segment.

The pot’s greatest benefactor, the investment and incubation program, will focus on multi-chain expansion of the already thriving sectors of the tech sector. This includes many metaverse, games, virtual reality, and artificial intelligence.

Binance Maverick founder Changpeng Zhao – also known as CZ on Twitter – shared a simple but effective take on the news:

A billion reasons for it #build Above #BSC https://t.co/DHeUktfj84

– CZ Binance (@cz_binance) October 12, 2021

In the statement, the platform has high expectations for improvements in interoperability between traditional and Web 3.0 infrastructure:

“Working with industry-leading institutions, the fund will target blockchain technology that is scalable for real-world use cases and bridges the gap between crypto blockchains and blockchains.”

Related: Binance is looking for a “centralized” headquarters in Ireland

Binance Smart Chain was launched in September 2020 as a launch platform to accelerate the development of decentralized applications or dApps that are compatible with the Ethereum blockchain via the Ethereum Virtual Machine.

Since its inception, the platform has grown in importance to serve over 1 million daily active users across a wider range of 900 dApps. One of the most notable decentralized exchanges, also known as DEXs, built on top of BSC is PancakeSwap, which currently has a total value (TVL) of 9.8 billion, according to data from Defistation.

Amid the insidious rise in hacks and violations in the field of decentralized finance or DeFi, Binance Smart Chain has partnered with blockchain security firm ImmuneFi to offer bug rewards and incentives that offer other rewards to developers and hackers who use ethical white skills.