Big players in the global crypto space are working tirelessly round the clock, creating highly functional use cases aimed at making the digital currency ecosystem more robust.
Now, the world’s largest cryptocurrency exchange, Binance has announced plans to develop a cryptocurrency fund worth $1 billion.
According to an executive of the company on June 1, 2018, Binance’s BNB tokens will be the native crypto of the platform which will be handled by Binance Labs.
Binance Labs is a blockchain technology incubator from the stables of Binance. It focuses on helping pre-ICO projects and startups to hit the ground running.
“Investment is all one level, and it is held on a long-term basis. We do proper asset management. We like to lock in long-term projects. Investors and entrepreneurs are locked together. Not believers do not enter,” said Ella Zhang, head of Binance Labs in an online conference, as reported by PANews.
The Binance team have made it clear they are only looking to partner with 20 fellow big whales who have a minimum of $100 million under asset management.
Back in March Binance opened shop in the island nation of Malta, when its relationship with Japanese regulatory authorities became not so smooth.
“Binance will soon start a “fiat-to-crypto exchange” on the European island nation, and is close to securing a deal with local banks that can provide access to deposits and withdrawals,” CEO Zhao Changpeng said back in March.
Confirming the move, the President of the crypto-friendly nation, Joseph Muscat Tweeted:
“Welcome to #Malta @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world-class Fintech companies.”
It might interest you to know that highly reputable Japanese developer and video game publisher, Gumi also announced its $30 million worth blockchain investment fund called Gumi Cryptos, in a bid to lure credible international projects to its platform.
Established in 2007, Gumi has published several exciting games including Brave Frontier, Phantom of the Kill and many others.
“We’ll be bringing startups from outside of Japan to the Japanese market. We like early stage. We invest in equity or tokens. We like financial services. We like game technologies, and we believe there is a strong connection between gaming and crypto,” said the co-founder of Gumi, Miko Matsumura.
Even with the recent market slump, big investors are not shying away from cryptos, and it is expected that the market will soon begin another massive bullish rally.