Binance, the major cryptocurrency exchange, has announced funding for six projects building on the firm’s smart chain.
On October 14, it has been reported that Binance stated blockchain projects AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap, and Proxima will receive $350,000 in grants through the firm’s $100 million funds.
However, more than 180 projects have applied for grants since the fund was announced in September. The firm chose the six projects using criteria examining teams, products, and contributions to the blockchain ecosystem.
Changpeng Zhao (CZ), the CEO of Binance, said the Accelerator Fund was designed to support the development of high-quality DeFi projects that contribute to building the industry’s infrastructure.
Binance issued the $350,000 in funds to six projects just a month after the firm announced its intention to pursue DeFi with its smart chain https://t.co/YerHCUPfWP — Cointelegraph (@Cointelegraph) October 14, 2020
The report said that one of the successful projects is PancakeSwap, an Automated Market Maker, the name for a decentralized exchange that relies on mathematical formulas to set the price of a token.
Thus, Binance noted that it was the “number one liquidity provider” on its smart chain based on volume, number of active users, and contribution to gas fees.