Binance Calls For Crypto Whales to Build $1bln Fund
Binance, currently the most significant cryptocurrency exchange in the world if to judge by trade volume, intends to build a $1 bln crypto-based fund, an official affirmed on the 1st of June.
Utilizing Binance’s BNB tokens solely as an investment medium, the fund will be directed through Binance Labs, the exchange’s spin-off incubator.
After relocating to Malta in April, Binance, has already sponsored four blockchain projects. Including $30 mln funding round for privacy altcoin MobileCoin.
The fund seeks some partnerships amongst significant heavyweights, members expecting to have at least $100 mln under asset supervision. Binance is looking for a total of twenty partners.
The news mirrors a smaller movement this week by Japanese developer Gumi. The company announced the launch of its investment fund of $30 million worth to entice global projects.
The fund Gumi Cryptos, has already lured four proteges.