Binance Coin (BNB) has nearly doubled in price, reaching an intraday high of $433.
This comes after Binance, the world’s largest cryptocurrency exchange, announced the establishment of a $1 billion fund to advance the Binance Smart Chain (BSC) ecosystem.
Fifty percent of the funds are set aside for the development of decentralized gaming computing and virtual reality.
As part of its Most Valuable Builder (MVB) program, a total of $300 million has been allocated to hackathons and sponsoring developers.
The remaining $1 billion will go toward talent development and the liquidity incentive program.
The ultimate goal is to make BSC the “most inclusive” blockchain with real-world applications:
This program will bring us one step closer to making BSC the most inclusive and widely used blockchain infrastructure in the world, thereby enabling the creation of the new Internet of Value for all.
The price increase in BNB has also provided temporary relief to some of the top altcoins, reducing Bitcoin’s dominance.