The price of Binance Coin (BNB) has spiked nearly 10%, reaching an intraday high of $433.
This comes after Binance, the world's largest cryptocurrency exchange, announced the launch of a $1 billion fund in order to develop the Binance Smart Chain (BSC) ecosystem.
Fifty percent of the aforementioned sum is reserved for developing decentralized gaming computing and virtual reality.
A total of $300 million has been allocated to hackathons and sponsoring developers as part of its Most Valuable Builder (MVB) program.
The remaining part of the $1 billion will be used for talent development and the liquidity incentive program.
The end goal is to make BSC the "most inclusive" blockchain with real-life use cases:
This program will take us one leap closer to making BSC the most inclusive and used blockchain infrastructure in the world, creating the new Internet of Value for everyone.
BNB's price spike has also provided temporary relief for some of the top altcoins, pushing Bitcoin's dominance down.