Cryptocurrency News

Binance to Support Five More DeFi Projects Via Its Accelerator Fund

​After the popular cryptocurrency exchange platform Binance revealed it decided to fund five different DeFi projects, the company announced today, October 29th, that it will be funding the second batch of blockchain projects as part of its $100 million accelerator fund, released back in September 2020.

The fund now supports 11 projects that will be developed on Binance Smart Chain, the company’s blockchain that allows its users to create smart contracts and enables the staking mechanism for its native BNB token.

The brand new projects include a decentralized NFT auction platform, Bounce, which offers OTC trading, token sales, and NFT auctions on-chain. Other protocols set to receive funding from Binance are a DeFi chart and analytics board named DeFiStation, developer-aimed platform Gitcoin, and the JustLiquity project that wanted to enable users to use the protocol with the ‘cheap fees’ of BSC.

Binance is also offering to fund PARSIQ, an ‘IFTTT’ (IF This Then That) programmability provider for BSC. 

More Applications Invited to Apply for the Accelerator Fund

The popular exchange platform has recently announced that more than 180 projects had applied for the accelerator fund, but, in the first round, Binance chose only six DeFi blockchain projects, including AnySwapArkane Network, BakerySwapBitquery, Proxima, and PancakeSwap, to which the company would offer ‘tangible financial opportunities.’

Chang Peng Zhao, the CEO of Binance, had said that funding those developers was a way for Binance to step into DeFi, considering the current hype around the potential of the DeFi economy. This will allegedly allow the platform’s users to access numerous DeFi projects directly on Binance Smart Chain. Binance’s DeFi-based projects include Liquid swap and DeFi staking.

Besides funding the new projects, the exchange platform called for more projects to apply, saying: “We are looking for more innovative DApps from diverse categories, such as Synthetix, derivatives, prediction marketing, aggregators, and more.”

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