Binance Sponsors New DeFi Accelerator With Blockchain Company Orbs

Binance will sponsor a new DeFi project accelerator program.

Sponsorships and grants will be awarded to selected projects.

Binance continues to launch tokens running on its own blockchain, called Smart Chain.

The Binance cryptocurrency exchange is increasingly immersing itself in the decentralized finance (DeFi) industry. Its latest foray thus took the form of sponsoring a new DeFi accelerator.

The latest expansion of the DeFi space through Binance was done in partnership with Orbs, an Israeli public blockchain infrastructure company.

The accelerator, announced on January 11, aims to support open source software research and development, as well as community development in the DeFi industry.

He will use as a domain name to support start-ups in the emerging financial landscape.

DeFi accelerates the pace

The new initiative will start by identifying projects that meet its criteria. These are based on the “principles of equitable distribution, community ownership, innovation, a responsible approach to risks, sustainable economy and compatibility with the ecosystem at large”, according to the article published at this subject on the Orbs site.

Participants will benefit from sponsorship and the possibility of obtaining funding of “several tens of thousands of dollars”. These projects will also be exposed to the DeFi market and community, which will likely originate from Binance . also promises:

An opportunity to inject liquidity for promising projects, to the tune of several million dollars in TVL when they are launched.

It was added that additional “special attention” will be given if participants request to be included in Binance’s seed fund for the DeFi-CeFi ( Bridging DeFi and CeFi ) project, or if they receive a grant under the Orbs Grant program.

It is likely that the projects approved and supported are “Binance centric” which runs on its own blockchain, as opposed to rivals such as Ethereum or Polkadot .

Binance’s DeFi Offerings Are Expanding

As part of its efforts to promote its own Smart Chain , Binance keeps releasing new staking and return incentives for new projects based there. Smart Chain uses a system called Launchpool, which receives new projects and offers Binance users short-term token farm initiatives.

The latest token to be launched is called Bitcoin Standard Hashrate Token (BTCST). This is a project to create an efficient market for Bitcoin mining energy, by functioning as a leveraged Bitcoin token without the risk of liquidation.

The new token will be secured by 0.1 TH / s of actual Bitcoin hash power, and has been launched in three liquidity pools of BNB, BUSD, and BTC. One can deposit funds there in order to cultivate the BTCST for thirty days.

At the time of this article’s layout, Binance’s token, BNB , was trading 14% down from its all-time high of $ 39.50 , reached over the weekend.