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.

Author:
Ana (@coinjive) has been involved in the crypto industry for more than a year now. She was working for three ICOs (as a PR / and CMO). And prior to dive into the blockchain reality, she served as a Communication manager for big tech and less tech companies (including SAP, Evernote, Avon and, etc.). Currently, she works as a contributor at Future Times and as ICO analyst for a private Israel-based crypto venture capital firm. P.S. please agree to accept a dash of subjectivity. Coinjive is run by a human after all.