Binance adds another $1 billion to the BSC to speed up blockchain adoption.
On Tuesday, Oct. 12, Binance, the world’s largest cryptocurrency exchange, revealed that it would be focusing on upgrading the Binance Smart Chain blockchain.
Following the announcement, the exchange added $1 billion to the platform’s expansion fund. Binance aims to increase the digital adoption of cryptocurrency assets on the blockchain.
Binance invests $1 billion in the Smart Chain blockchain technology.
Binance has committed $100 million to the development of Defi (decentralized finance) initiatives on the same blockchain during the last year. According to a recent Bloomberg story, the platform has already raised an extra $1 billion for the same goal.
Changpeng Zhao, the CEO of the world’s largest digital exchange, stated in a news statement that the billion-dollar investment will assist accelerate the adoption of digital assets.
Binance also hopes to reach one billion users with this gift, which is in line with its goal. The Growth Fund was introduced by the exchange for four different categories in the blockchain technology.
Incubation initiatives for new programs, talent development for communities, tech assistance, and liquidity incentive schemes for BSC rookie users are among the types mentioned.
Binance announced its digital adoption campaign following the occurrence of multiple blockchains in various blockchain ecosystems. Fantom, Avalanche, and Solana are among the blockchain systems where the competing proposal has surfaced.
BSC Accelerator Fund investment director Gwendolyn Regina remarked via a representative in an interview with Coindesk that the platform has no competitors. The expansion of the blockchain was what they sought to achieve.
Bsc Scan Data from Binance
According to Binance Smart Blockchain data as of October 10th, there were around 98.9 addresses on the platform. In addition, daily transactions totaled roughly 6.3 million.
Those figures paled in comparison to Ethereum. The total number of unique addresses in the ETH blockchain was around 172. Meanwhile, Etherscan data revealed that the blockchain network saw roughly 1.1 million daily transactions.
According to Coin Desk, the number of Binance subscribers increased when Ethereum users overloaded the system due to rising gas fees.
In the past, the platform has been embroiled in a number of issues. Some exploits on BSC’s Defi projects surfaced this year. In response to the issue, Zhao stated that in the context of competing with Ethereum, the situation of decentralization could not be avoided.
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