Binance Smart Chain and Animoca Brands Set Up $200M Program for Blockchain Gaming
The two companies will contribute up to $100 million each to invest in early-stage projects.
Dec 6, 2021 at 12:29 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/L4KQXONAQZFKNKT2R24NC2W5T4.jpeg)
The Animoca Brands team in Hong Kong (Animoca)
Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.
Binance Smart Chain (BSC) and Animoca Brands have launched a $200 million program to invest in blockchain gaming projects built on BSC, the companies said in a press release on Monday.
- BSC will be investing through its $1 Billion Growth Fund. In October, Binance had committed $1 billion for BSC.
- The two companies will contribute up to $100 million each to invest in early-stage projects, the release said.
- Animoca Brands is an investor in non-fungible tokens (NFTs) and metaverse projects; it has a majority stake in metaverse game The Sandbox, and has invested in Axie Infinity, as well as NFT trading platform OpenSea. It was valued at $2.2 billion after a $65 million funding round in October.
- Earlier in October, Binance announced it plans to invest $1 billion to accelerate the development of its Smart Chain project, the exchange’s alternative to Ethereum where developers can build applications.
UPDATE (Dec. 6, 12:30 UTC): Updates reference to Binance Smart Chain in headline and story. Adds reference to Binance’s commitment in first paragraph.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/r4hCNh4zR8o4AxiOYIgV0l2Wigc=/arc-photo-coindesk/arc2-prod/public/QPY362MKDVA77CB4EHZRXW2KZM.jpeg)
Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/IZGIXBO6RFB7PC4STDKOG7UQHI.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/DV4HVORDCZGVNIP3DMJ6HQ6KW4.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/4LY7TBPXOBD3HA4RNIERZHNEEM.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/JMCNRJNV6VBJLPNEY7BYUDIZJE.jpg)