YZi Labs (formerly Binance Labs) announced on Wednesday that it has established a $1 billion builder fund to support founders and developers building within the #BNB #Chain ecosystem.
According to the announcement, the fund will combine capital and tools, integrating and accessing the 460 million user ecosystem described by the company, while targeting projects in the fields of DeFi, AI, real-world assets, DeSci, payments, and wallets.
Selected teams can receive up to $500,000 in bonuses and gain direct access to the core teams of YZi and BNB Chain, as well as join a global mentor network. Additionally, the program will include the YZi accelerator project EASY Residency Season 2, which now incorporates BNB Chain's 'Most Valuable Builders' initiative and will expand its center to New York, San Francisco, Dubai, and Singapore.
YZi Labs was originally named Binance Labs and was renamed earlier this year, led by Ella Zhang, with Binance co-founder CZ Zhao also actively involved. The company has recently deepened its support for USDe and USDtb issuer Ethena Labs, and CZ has publicly refuted speculation about opening its portfolio to external investors.
Additionally, at the time of Wednesday's announcement, BNB surged to a new high, climbing to become the third largest cryptocurrency by market capitalization. The Block's price page shows BNB trading at over $1,320, having risen nearly 30% last week against the backdrop of the cryptocurrency market surge.
