<article><a href="https://www.dealstreetasia.com/tag/Binance">Binance</a>, the world’s largest cryptocurrency exchange by traded value, plans to set up a $1 billion, Binance Lab head Ella Zhang announced during an online conference.</article>

<a href="https://www.dealstreetasia.com/tag/Binance">Binance</a>, the world’s largest cryptocurrency exchange by traded value, plans to set up a $1 billion, Binance Lab head Ella Zhang announced during an online conference.
All investments from the new fund will be made in BNB crypto coins.
According to a statement, the fund will involve 20 selected fund partners who will provide financial support and share high-quality projects. Eligible fund partners will need to have assets under management of more than $100 million.
Binance Lab also announced that the first project in its first incubator programme will be a blockchain-based ride-hailing platform. The idea for the platform came from Chen Weixing, the founder of Chinese taxi-hailing app Kuaidi Dache, which has been acquired by China’s ride-hailing giant Didi Chuxing.
Binance Lab focuses on projects in public chain, decentralized exchanges, derivatives investment, token trading platform and mobile wallet and payment.
It led a $30-million round of fundraising for MobileCoin, a new privacy-centred cryptocurrency, in April. It has also previously backed smart contracts verification platform Certik.
Binance, which is a multilingual cryptocurrency exchange, was founded last year in Hong Kong but does not have a permanent base in the city as regulators have been cracking down on cryptocurrencies exchanges.
Having temporarily opened an office in Japan, the company recently announced that it is planning to set up a base in Malta, whose government has held several public consultations on regulating virtual currencies, token sales and crypto-exchanges.
Binance is also planning to launch a decentralized exchange in the coming months, according to a Bloomberg report.
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All investments from fund will be made in BNB crypto coins.

Crypto exchange Binance plans $1b fund for blockchain projects

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