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.
Alex DovbnyaThe 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.
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BNB's price spike has also provided temporary relief for some of the top altcoins, pushing Bitcoin's dominance down.
Vladislav Sopov
Dan Burgin