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Binance Labs’ first AMA Begins Tonight

Binance Labs has taken its first big steps, not only at a corporate level but also at PRs with the announcement of Binance Labs’ first AMA on Reddit tonight.

An AMA is a strategy through which someone opens up a thread in Reddit for a period so people can ask all kinds of questions to the Thread initiator. In this way, a higher level of interaction is achieved vis-à-vis other strategies such as forums, chats or tweets.

The use of this tool proves how seriously Binance takes the investments it makes in side projects without losing focus on the famous exchange as a star product.

Binance Labs was born as an initiative of the Binance team to finance and promote projects focused on the growth of the cryptomarket and blockchain technology ecosystem.

Ella Zhang, Head of Binance Labs, who will be answering the community’s questions at Binance Labs’ first AMA on Reddit, defines the mission of this branch in her official blog:

“Binance Labs is a social impact fund. It is an initiative to incubate, invest and empower top blockchain and cryptocurrency entrepreneurs, projects, and communities. Binance Labs is not a profit-driven fund, but an impact-driven, mission-driven and passion-driven strategic fund for the entire ecosystem, not just for Binance. Our mission is to solve problems that matter most to the ecosystem and change the world for the better.”

Binance Labs:  A Small Project With a Great Team Behind

Along with Ella Zhang, other Binance Labs members participating in Binance Labs’ first AMA on Reddit will be Benjamin Rameau, Flora Sun, Ling Zhang and Christy Choi and the Partner of Binance Labs Teck Chia.

The community positively received the Twitter announcement. Despite being a small project compared to Binance, the likes and comments on social networks show that the ecosystem follows these types of projects very carefully.

Binance is currently the most important exchange by volume of transactions according to coinmarketcap.

A few hours ago, Ella Zhang had already made her mark on social networks for her comments, acknowledging that cryptos are a bubble that should burst.

Her statements, though harsh, have a strong foundation considering they come from person used to dealing with high-risk investments:

“We’d like the bubble to break. We still see a lot of hype in the market; valuations are high and unreasonable. We really think if the bubble bursts, it’s a good thing for the industry.”

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Cryptocurrency Exchange Binance Ready To Launch $1 Billion Dollars Capital Fund

One of the most important virtual currency exchanges in the market, Binance, will be launching a $1 billion venture capital fund that aims to fund blockchain and cryptocurrency projects. According to local news sources, Ella Zhang, head of Binance Lab, announced that during an online conference.

Binance Launches $1 Billion Fund

The company will be selecting 20 fund partners to which the exchange will be providing financial support. The partners selected should be long-term investors that have been very active in the blockchain industry, and that have more than $100 million dollars’ asset under management.

All the investments will be made using the BNB token – also known as Binance token – which is used in the platform to trade different cryptocurrencies. In the future, the company wants to use it for its decentralized exchange that has not been tested yet.

The fund will be known as ‘Social Impact Fund’ and will be used to leverage blockchain and cryptocurrency startups. The fund will work as follows, $1 billion dollars will be distributed in 10 phases of $100 million each, and it will create a combination of a fund of funds. Additionally, it will also be creating a direct fund which will be investing in blockchain projects.

At the moment, the company is searching 20 different funds to invest in, and as mentioned before, they must be managing at least $100 million dollars to be eligible.

Apparently, the first project that will be supported is a blockchain-powered ride-hailing initiative. The idea has been recently announced by Chen Weixing, CEO of the Funcity application, and founder of the app Kuaidi Dache.

Mrz. Zhang commented:

“We believe it’s a disruptive social experiment. Binance Labs hopes to work with more aspirational projects to explore blockchain applications and together move forward the growth of the industry.”

Binance is now the most important cryptocurrency exchange by trading volume, according to CoinMarketCap. The exchange offers its users the possibility to buy and sell a wide variety of tokens and virtual currencies, with almost 340 different trading pairs. The most important are BTC/USDT, EOS/BTC, and EOS/USDT accounting for 26% of the total trading volume of the exchange.

Other Funding Projects

There are several companies that are launching their own funding and accelerator programs. The Chinese e-commerce giant, JD.com, has launched a program – known as AI Catapult – to promote blockchain technology start-ups. With it, the company will be partnering with different innovative blockchain start-ups to build new businesses.

The statement that has been released by the company says:

“Beginning in March, AI Catapult, which is part of JD’s AI program, will partner with innovative blockchain startups to build new businesses and create and test-real world applications of their technologies at scale.”

The main areas that want to be potentiated are robotics, automation technology, smart supply chain, blockchain technology, and many others. There are already some companies from Australia, China, and London ready to start working with AI Catapult.