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30 September 2020

Binance makes aggressive push on in-house DeFi with $100M fund

Binance makes aggressive push on in-house DeFi with $100M fund

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Following the launch of Binance’s Smart Chain, an Ethereum-compatible blockchain with a keen focus on decentralized finance, the exchange is now doubling down on its strategy to attract DeFi projects.

At the company’s World of DeFi summit on Thursday, Binance’s CEO Changpeng Zhao announced the launch of a $100 million investment fund devoted to projects building on the Smart Chain.

The fund will be used for a variety of purposes, including seed funding for projects building on the smart chain.

Furthermore, the exchange is planning to create a centralized bridge to the Binance Smart Chain that could let many other tokens on Ethereum or coins like Bitcoin (BTC) and Litecoin (LTC) to be ported into the DeFi environment.

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