Binance smart chain and Animoca brands set up a $200M program to sponsor GameFi projects |

Binance smart chain and Animoca brands set up a $200M program to sponsor GameFi projects |

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The smart chain project Binance announced in Singapore has signed a framework agreement with Animoca Brands to develop blockchain-powered gaming applications and games. There will be $200M available for projects that are GameFi’s next generation of mobile game development on the Ethereum network.

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Binance smart chain and Animoca brands set up a $200M program to sponsor GameFi projects |Binance smart chain and Animoca brands set up a $200M program to sponsor GameFi projects |”>

Binance smart chain and Animoca brands set up a $200M program to sponsor GameFi projects |

Binance, a global cryptocurrency exchange, has allegedly established a $200 million fund to invest directly in the developing crypto gaming and metaverse sectors of the digital environment.

Binance will collaborate with Hong Kong-based Animoca brands via the Binance smart chain $1B growth initiative, according to the official blog post.

Animoca Brands and Binance will invest in blockchain gaming businesses.

The Binance Smart Chain $1 billion growth initiative aims to fund and “incubate” early gaming firms based on the Binance Smart Chain system.

According to the official announcement, the Binance and Animoca brands will each contribute $100 million to the initiative, enabling the nominated game enterprises to extend their crypto specialty in the GameFi area.

According to Yat Siu, co-founder of Animoca Brands, gaming businesses that are nominated via this program will be eligible for extra perks in addition to cash.

“Early GameFi initiatives need capital to develop their products, as well as industry knowledge for open-world gameplay and tokenomics, as well as networking possibilities in the blockchain gaming and open metaverse.” This investment initiative will deliver these resources to projects that we believe have the ability to mainstream blockchain.” Siu continued.

The initiative is designed to assist early GameFi projects who need seed financing to develop their products. The initiative will assist such projects in gaining traction in the market and increasing their awareness in the rapidly growing GameFi and metaverse sectors.

After undergoing a massive network upgrade, Binance has lately been a hotspot for increasing user activity. Binance has grown to become one of the most popular cryptocurrency exchanges, with over 2.1 million active addresses, according to the official article.

“In the last few weeks, BSC has grown to become one of the biggest blockchain ecosystems, with over 2.1 million daily active addresses.” Games and play-to-earn possibilities on BSC saw a considerable increase in traffic and unique wallet interactions in 2021.” The post goes on to say more.

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This isn’t the first time Binance has put money into a fund to promote cryptocurrency. Binance established a $1 billion fund for BSC in October with the goal of increasing worldwide use of crypto assets.

Posted by GameFi in Binance, Binance, Binance, Binance, Binance, Binance, Bin

Binance smart chain and Animoca brands set up a $200M program to sponsor GameFi projects |

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