Binance Announce $100 Million to Connect CeFi to DeFi
Today, Binance founder and CEO Changpeng Zhao announced at the World of DeFi summit that he set up a $ 100 million seed fund for DeFi. This fund and other programs from Binance are aimed at further supporting the DeFi ecosystem and solutions to bridge the DeFi and CeFi ecosystems.
We will soon be calling on DeFi projects to submit their proposals to become one of these fund’s beneficiaries. The decentralized community built by Binance Smart Chain acts as an initial investor and ruling party for funding.
The liquidity support for DeFi projects that pass security checks and due diligence. Selected beneficiaries will receive support from the resources we provide in the Binance ecosystem. It includes access to millions of users, media information in the ecosystem, cognitive education, incubation financing, derivatives, financial management, and other comprehensive resources and financial assistance. High-quality projects may also have the opportunity to be listed in the Binance.
Putting aside the $100 million fund, we are also bridging DeFi and CeFi in many other ways. Through the Token Canal Project, we work with the Binance Smart Chain community to help developers connect the Binance Smart Chain with other public chains. We want to be a proverbial bridge connecting the various roads provided by the many existing blockchains. Through the secure custody service of the Binance CeFi platform.
For example, with the launch of the Binance Smart Chain, we have introduced the Proof of Stock Authority Consensus mechanism, which adds impressive functionality to BNB, the local token of the Binance ecosystem. BNB holders participating in stacking receive BNB rewards from Binance Smart Chain certifiers and benefit from the same interests of DeFi stacking returns on the CeFi platform.
For some, the emergence of DeFi refers to the shift away from centralized blockchain platforms. This can be considered a threat to services such as Binance. Further, they said, “DeFi is an opportunity to provide better solutions to the blockchain world”.
Although being committed over building products and services that are more liberal to the public with their crypto, including Defy. In early 2019, we supported the creation of the Binance Chain and Binance DEX before Defi came into the mainstream. By then, some had expressed concern that we were building our own rival. But from our perspective, we give our customers what they want.
At Binance, we want to feel that our biggest rivals are ourselves. We continue to interrupt and improve on what we already offer. We want to provide better services for you, whether on CeFi or DeFi.
