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Binance CEO to use $1B investment to develop blockchain infrastructure

12 Jul, 2018
by Ryan Boltman
News
Binance CEO to use $1B investment to develop blockchain infrastructure

In a recent interview with TechCrunch, Binance CEO Changpeng "CZ" Zhao spoke about investing a combined $1 billion investment fund from Binance and partners to focus on growing and developing blockchain technology. 

Zhao spoke about the investment fund as being 20% of Binance funding with the additional funding coming from eager partners. The Binance CEO stated: "When Binance invests in a project, everybody else rushes in."

CZ makes mention that Binance do not want to be a major shareholder, but rather help the other projects grow and they do not want to control those projects. 

CZ talks about the focus for Binance being blockchain infrastructure projects and "anything that can help the blockchain ecosystem grow". Blockchain specific technology mentioned include faster blockchain, safer wallets, and easier to use wallets. 

The Binance CEO reiterated that they like teams that are very technical but lack the marketing and finance and need fundraising to assist them. CZ noted that "if Binance participates in any project, they (the project) will never have to worry about money."

The investment fund will be a major boost for the blockchain sector and smaller projects looking to grow adoption and usability. 

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