Binance said that it is all set to fund five new DeFi projects under its accelerator fund, aiming to expand and promote projects on its Binance Smart Chain.
The CEO of Binance, Chang Peng Zhao said that the company is funding the projects for paving the way for Binance to gain a strong foothold in the decentralized finance space.
The platform had earlier enabled and funded six projects and now staying true to the statement, it is supporting more projects with its $100 million Accelerator fund.
New Projects Backed by Binance Accelerator Fund
The crypto exchange is actively supporting various DeFi projects to build on its Smart Chain. The new DeFi projects entailed in the scheme include Bounce which is an OTC Trading solution, a Decentralized NFT auction platform for liquidity mining, and a governance for incentive mechanisms.
Gitcoin which is a developer-oriented system focused on the various crowdfunding and foundational allowances for blockchain projects. This platform would track the various developer actions on the Gitcoin ton blockchain.
The next project is DeFiStation, a visual DeFi chart and board for various Binance smart chain projects.
JustLiquity is another project funded by Binance. The main aim is to provide liquidity protocol to ensure high liquidity and avoid team liquidity exits using the token unlocking schedules.
The 5th is PARSIQ platform which is an IFTT for the Binance Smart Chain, which facilitates various controlling operations on the chain initiated by the smart contract data.
Looking for Oversees ProJet’s To Fund
Binance is also looking to fund several overseas projects under the accelerator fund. The DeFi industry can seea global development, and the Binance platform can also help reach wider audience level.
Binance further added that they are looking for more innovative projects to support through its accelerator fund as its network is fast-growing, and is providing a stronger foundation to the BSC community. The company boasted of 40 dApps and large infrastructure running on its smart chain. They further added that they are on the lookout for innovative dApps in various categories to fund and help them grow.
Binance touts itself as a company that supports innovation in the DeFi space and creating a synergy between the centralized and decentralized finance ecosystems. Its seed funding allowance would help to promote more innovation on its Binance Smart Chain.