CEO and founder of leading crypto exchange Binance, Changpeng Zhao (CZ) announced in ‘The World of DeFi’ broadcast that the exchange would offer $100 million worth of seed funding to developers who want to build on its smart contract-based blockchain platform, Binance Smart Chain.
The panel discussion said that successful projects would be able to get up to $100,000 in funding, provided they pass security audits, after which the exchange might provide liquidity to their token and possibly list it on the exchange.
According to the announcement, the exchange would also take feedback from Binance’s community which would also play a major role in on-chain governance and for assigning out the funds.
CZ saw this move as an attempt for Binance to step-into decentralized finance (DeFi) given the current hype on the potentials of DeFi. He said in the broadcast:
Binance is pro innovation in the DeFi ecosystem and we want to find synergy between DeFi and CeFi.
Further, CZ said this would bring Binance’s blockchain platform and its main exchange closer and it would allow the exchange’s users to access many of the DeFi projects on Binance Smart Chain directly. The exchange plans to provide the “DeFi experience” through the centralised finance structure of the exchange. Binance’s DeFi-inspired programs include Liquid swap and DeFi staking.