Binance has launched a $1 billion cryptocurrency growth fund for developers to help speed up the adoption of digital assets and blockchain technology.

Outlining the fund’s objective, Binance said the $1 billion would help to “push the adoption of not only BSC but the whole blockchain industry.”

Binance, with the fund, wants to “deliver a robust ecosystem for cross-chains and multi-chains to interoperate and work seamlessly while being cost-efficient.”

A breakdown of how the fund will be spent indicates that $500 million is to be set aside for investments to help grow decentralised computing, gaming, metaverse, virtual reality, artificial intelligence and blockchain-based financial services.

Another $300 million is slated for a builder program where $100 million will be used to organise regional and global hackathons, joint bug bounty programs, running developer conferences, and supporting existing mainstream development programs.

The remaining $200 million will be used to expand the builder program and incubate 100 innovative dApps and infrastructure provides building on top of BSC.

The rest $100 million is set aside for liquidity incentives and talent development.

In a blog post on Tuesday, Binance said the fund will help “to accelerate our efforts in scaling these solutions for the masses to build powerful financial infrastructures.”