Six Projects Built On Binance Chain Received Grants From $100M Fund

By The Crypto Sight | October 15, 2020

Crypto exchange heavyweight has reportedly disclosed details regarding funding for six projects being developed on the company’s smart chain.

Specifically, Binance reportedly claimed that blockchain projects AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap and Proxima will be at the receiving end of $350,000 worth of funding, of the $100 million fund the company has. 

Over 180 projects have reportedly finalized their application since details of the fund was disclosed back in September this year. Binance has applied criteria examining teams, products and contribution to the blockchain ecosystem as benchmarks to select the six projects. 

Head of Binance Changpeng “CZ” Zhao reportedly remarked that the Accelerator Fund was created with a primary goal of assisting the growth of high-quality DeFi projects, which provide contribution to the sector’s infrastructure. 

A nominal successful project is reportedly PancakeSwap, an Automated Market Maker – what a decentralized exchange which utilized mathematical formulas for determining the price for a token is referred to. 

Binance further claimed that it was the “number one liquidity provider” on its smart chain, volume-wise, as well as number of active users and contribution to gas fees.

During September, Binance reportedly rolled out the mainnet of its Smart Chain – a smart contract-based blockchain operating simultaneously with Binance Chain.

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