China-based cryptocurrency exchange Binance has announced a $1bn fund to invest in blockchain and cryptocurrency startups, TechCrunch reported on Friday.
The Community Influence fund will be denominated in Binance’s own cryptocurrency, BNB, and will invest both directly and through other funds.
Rather than invest in existing funds, however, Binance will seek out experienced fund managers – defined by the company as those who have managed at least $100m in assets – to create new funds.
The company also hopes to launch a Binance Ecosystem Fund with 20 as-yet-unnamed partners. Further details will be released in the near future, according to Binance.
Binance has already backed startups through its social impact fund Labs and is working on creating an incubator. Its first portfolio company for the incubator will be Dache Chain, a China-based ride hailing service that will exploit blockchain technology.
Dache Chain has been co-founded by Chen Weixing, who previously founded Kuaidi Dache, the ride sharing service that has since become Didi Chuxing.