The price of Binance Coin (BNB) is up about 10%, reaching its intraday high of $433.
The increase comes after the world’s largest cryptocurrency exchange Binance announced that it has launched a $1 billion fund to develop the Binance Smart Chain (BSC) ecosystem.
Fifty percent of the aforementioned amount will go towards decentralized gaming computing and the development of virtual reality. Of the remaining $1 billion, $300 million will be spent on programming, and $100 million each will be spent on liquidity incentives and quality employee training.
According to the statements made, the Binance Smart Chain fund was established to accelerate the adoption and use of digital assets and blockchain technology. The ultimate goal is to make BSC the “most inclusive” blockchain with real-life use cases.
It is also worth noting that the Binance Smart Chain fund will have a mentor committee. The committee will help developer communities around the world reach new audiences, provide academic scholarships to institutions, and conduct research and development in emerging technologies.
BNB’s price surge provided temporary relief for some of the leading altcoins and pulled down Bitcoin’s dominance.