Binance has announced a partnership with Animoca Brands in a $200 million fund geared towards blockchain gaming projects on Binance Smart Chain.
Each of the two firms would contribute $100 million to fund early-stage projects, and the exchange would invest via its Binance Smart Chain’s $1 billion growth fund.
The Executive Chairman and Co-founder of Animoca Brands, Yat Siu, says that the fund would target projects they think have high growth potential. He adds that early gaming startups needed funds for growth and networking opportunities.
Animoca Brands is a venture capital firm focused on NFTs and metaverse and is valued at $2.2 billion. Its notable investments include Sandbox, Axie Infinity, and OpenSea.
Binance Smart Chain is the most prominent blockchain platform, with more than 2.1 million daily active users in the past weeks. Most gaming projects on BSC features are play-to-earn models with NFT marketplaces.
Source: Binance Chain