Binance is offering USD 100 million to attract developers to build on Binance Smart Chain. It is a blockchain platform that keeps a record of smart contracts. The idea of offering funds was announced during its “The World of DeFi Summit,” where DeFi stands for Decentralized Finance.
The exchange is trying to capture some of the decentralized finance market shares and also take advantage of its current hype. The selected beneficiaries will enjoy support from the resources that are available across the Binance ecosystem. The resources available majorly at Binance are accessible to millions of customers and include knowledge education, financial management, and other financial support. Add to it, the high-quality projects may even have the opportunity to participate and get listed on Binance.
And the successful projects might get up to USD 100,000 in funding. Members of Binance’s community will take charge and decide on assigning the funds. The criteria for choosing projects will be the same as that of other exchange’s fundraising and investing initiatives, namely Binance X, Binance Labs, and Binance Launchpad.
For Binance, the approach of DeFi is a way to offer better solutionsDeFi Projects to the blockchain world. It intends to build products and services that give people freedom with their crypto. Therefore, the action will be bridging the gap between the blockchain platform and its main exchange, which will lead to native integration in these two. This will help users access as many DeFi projects as they want on Binance Smart Chain.
To speculations, the company wants to say that after Binance Chain and Binance DEX, they want to give users what they want.