The important cryptocurrency exchange Binance, has announced that it is launching a $1-billion-dollar venture capital fund which aims to fund projects related to blockchain technology and cryptocurrencies. The information has been revealed by Ella Zhang, head of Binance Lab.
Binance Cryptocurrency and Blockchain Fund
According to Mrs. Zhang, Binance will be selecting 20 different fund partners to which it will be giving financial support. Of course, there are some special conditions for them to receive the money. Those partners must handle $100 million dollars and must be active in the blockchain industry. Moreover, if the fund is working for long term investments, that would also be important. 
Mrs. Zhang commented:
“We believe it’s a disruptive social experiment. Binance Labs hopes to work with more aspirational projects to explore blockchain applications and together move forward the growth of the industry.”
Binance will be distributing these $1 billion dollars in 10 phases of $100 million dollars each, creating a combination of fund of funds. The name of the fund will be ‘Social Impact Fund’ and will completely change the development of some start-ups involved in cryptocurrencies and blockchain technology.
It is also important to mark that the investment will be made not in US dollars but in the cryptocurrency used in the Binance exchange, known as Binance Token (BNB). During this year, BNB was one of the best performing cryptocurrencies since the beginning of the year.
At the moment of writing this article, Binance is the second most important virtual currency exchange in the market by trading volume (handling $1.63 billion dollars in the last 24 hours). The most important trading pairs in the platform are BTC/USDT, EOS/BTC, and EOS/USDT. These account for just 32% of the total trading volume. The exchange is known for listing a very incredible amount of cryptocurrencies (almost 340).
Furthermore, the Binance Token will be used in the future as the native token of a decentralized exchange that Binance is planning to launch. Until now, there is no further information about their plans.
