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Binance Coin (BNB) Spikes 10 Percent on Announcement of $1 Billion Growth Fund

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Tue, 10/12/2021 - 15:56
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Alex Dovbnya
Binance Coin is on a tear after Binance announced the launch of a massive $1 billion fund
Binance Coin (BNB) Spikes 10 Percent on Announcement of $1 Billion Growth Fund
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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.

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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.