Binance, the world’s largest cryptocurrency exchange by traded value, has announced a partnership with Animoca Brands, a global publisher of mobile games and e-commerce apps, to launch a $200 million crypto incubation fund.
The new fund will incubate and invest in blockchain projects across a range of industries, including gaming, social media, e-commerce, and entertainment. Binance plans to contribute its Binance Chain technology to the project, while Animoca Brands will provide its expertise in mobile app development and marketing.
“We are excited to partner with Binance to drive innovation in the blockchain industry,” said Yat Siu, co-founder and chairman of Animoca Brands. “This partnership will not only enable us to incubate and invest in some of the most promising blockchain projects, but also help Binance to develop its Binance Chain.”
“The Binance Chain is a key component of our global strategy and we are pleased to partner with Animoca Brands to bring more high-quality dapps to our users,” said Changpeng Zhao, CEO of Binance. “This partnership will further solidify our position as the leading blockchain company in the world.”
What is Animoca Gaming?
Animoca Brands is a global publisher of mobile games and e-commerce apps. The company has a portfolio of more than 150 million installs, with titles such as Garfield, Thomas & Friends, Doraemon, and Barbie. Animoca Brands is also the exclusive China distributor for CryptoKitties.
What is Binance Chain?
Binance Chain is Binance’s own blockchain platform, designed to host decentralized applications (dapps). Binance Chain was created to provide faster and cheaper transactions than traditional blockchains, making it ideal for launching new cryptocurrencies and tokens. Binance plans to use Binance Chain to incubate and invest in blockchain projects across a range of industries.
The partnership between Binance and Animoca Brands will help to drive innovation in the blockchain industry and promote the development of Binance Chain. Binance is the world’s leading blockchain company, while Animoca Brands is a global publisher of mobile games and e-commerce apps. Together, they will incubate and invest in blockchain projects across a range of industries. This partnership will further solidify Binance’s position as the leading blockchain company in the world.
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In a recent Binance Labs Incubation Update, Binance announced that Binance is investing $15M in BAM Trading Services Limited as part of the Binance Smart Chain initiative. In addition to this, Binance Smart Chain has partnered with Blockchain-curious and fast-growing Animoca Brands to help grow their $200 million crypto gain incubation fund.
Binance and Binance Labs announced BAM Trading Services Limited will lead the partnership.
Binance Labs Incubation Update: https://www.binancelabs.co/news/binance-labs-incubation-update
Animoca Brands Partnership: https://coinmarketcap.com/currencies/animoca-brands/#markets
The Binance Smart Chain system has been developed to maximize Binance’s “sustainable growth in a more efficient way,” by creating a decentralized Binance exchange with support for Binance’s existing centralized order-book through Binance DEX, which is built on Binance Chain. This means that BAM Trading Services’ development will contribute to both Binance DEX and Binance Centralized Exchange (BCE). The result of this venture is an issuance of tokens known as BNB Coins on top of BEP2 protocol – Basecoin protocol, in reference to bitcoin or ethereum token standards ERC20/ERC/ERC721/.
BAM Trading Services will be responsible for Binance’s BEP2 BNB coin issuance and Binance Chain development. BAM trading services Limited was launched in 2017 and based in Seychelles with a focus on client satisfaction through compliance, security, scale and experience which is accredited by the Blockchain Board of Derivatives (BBOD) Exchange.
Binance Labs Incubation update: Binance Labs is Binance’s main incubator that invests in cryptocurrency startups which help grow the overall ecosystem of digital currencies. Binance Coins (BNB) token derives its value from Binance exchange, one of the top exchanges by daily volume in January 2018 it averaged $1 billion in volumes per day. Binance Coin runs on Ethereum blockchain (ERC-20) Binance also launched Binance Chain (BC), its own blockchain to run Binance DEX, Binance decentralized exchange. Binance Labs is Binance’s main incubator which invests in cryptocurrency startups that help grow the overall ecosystem of digital currencies.