BSC Partners with Animoca Brands to Launch a $200M GameFi Fund
Binance is the world’s leading cryptocurrency exchange, and its Smart Chain blockchain has become home to thousands of DeFi projects. The Binance Smart Chain (BSC) is also one of the major Ethereum competitors in the market.
BSC Projects to Gain Insight from Animoca Brands
Binance Smart Chain, the blockchain developed by Binance exchange, has partnered with Animoca Brands to launch a $200 million fund specifically for GameFi projects. Each partner will invest up to $100 million to support the projects.
According to the announcement, the $200 million investment program will support cryptocurrency-focused gaming projects building on the Binance Smart Chain. Binance said it would be investing from its $1-billion accelerator fund set up for decentralized finance (DeFi), nonfungible tokens (NFT) and GameFi.
BSC investment director Gwendolyn Regina stated that “With this co-investment, projects building on BSC will get the opportunity to gain insights and expertise from leading gaming giants, such as Animoca Brands, along with collaboration opportunities with blockchain experts from the BSC Community.”
Animoca is a leading project in the NFT and GameFi space, and this partnership will allow BSC projects to gain valuable insights into how Animoca operates. This will make it easier for the BSC projects to understand their markets and develop products that would gain massive adoption.
GameFi is Another Growing Crypto Sector
DeFi, NFT and Metaverse are some of the fast-growing sectors in the cryptocurrency space. However, GameFi is another area that has gained massive attention and adoption in recent months.
GameFi is a combination of gaming and DeFi, and it refers to creating financial incentives in the gaming space. GameFi usually operates under a play-to-earn model instead of pay-to-win. The GameFi space continues to attract some of the leading names in the crypto space, including Huobi crypto exchange, Solana Ventures, FTX, Sanctor Capital and more.
This article was originally posted on FX Empire
