Global crypto exchange Binance is forming a partnership that seeks to invest $200 million in the gaming and metaverse sectors of the digital asset space.
According to a statement, the crypto exchange is teaming up with Hong Kong-based venture capital firm Animoca brands through Binance Smart Chain’s (BSC) $1B Growth Program.
In October, Binance created a $1 billion fund for BSC for the purposes of accelerating the adoption of crypto assets.
The report says that BSC and Animoca Brands are investing up to $100 million each in a fund focused on promoting shortlisted projects in GameFi, a sector that encompasses gaming and decentralized finance (DeFi).
The fund will “accelerate and incubate early crypto gaming startups” that are developing on the Binance Smart Chain.
According to Animoca Brands co-founder and executive chairman Yat Siu, the shortlisted projects will receive other benefits on top of funding.
“Early GameFi projects require funding to build their products, and need industry expertise for open-world gameplay and tokenomics, as well as networking opportunities to establish growth in the blockchain gaming and open metaverse.
This investment program will provide these necessities to the projects that we think have the potential to take blockchain mainstream.”
Some of the blockchain projects under the Animoca Brands umbrella include virtual world project The Sandbox (SAND) as well as blockchain games such as Phantom Galaxies and REVV Racing.
The partnership is coming at a time when the Binance Smart Chain is enjoying increased activity, according to the announcement.
“BSC is one of the largest blockchain ecosystems with over 2.1 million daily active addresses in the past weeks.
In 2021, games and play-to-earn opportunities on BSC have gone through a significant uptick in traffic and unique wallet interactions.”
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