Crypto VC firm Foresight Ventures has committed $25 million to support early-stage blockchain initiatives on BNB Chain.
As part of the BNB Incubation Alliance, the cryptocurrency venture capital firm Foresight Ventures, which is based in Singapore, will invest up to $25 million in initiatives that are built on the BNB Chain until the conclusion of the year 2025.
An initiative that provides projects with access to resources, mentorship, and funding opportunities, including grants from BNB Chain and support from YZi Labs, is called Blockchain Innovation Accelerator (BIA).
“By backing projects within BIA, we aim to bridge promising ideas with the essential resources and networks they need to thrive. This collaboration reinforces our belief in the transformative power of blockchain technology and our responsibility to foster its adoption globally.”
Foresight Ventures co-founder Forest Bai
The company stated in a press release that was distributed on February 24 that the initiative is intended to increase the adoption of blockchain technology by providing assistance to emerging startups through BIA.
With the money, BIA intends to organize global events with the purpose of bringing together early-stage startups with investors and industry professionals.
Although the precise financial requirements for companies are not obvious, the press release indicates that the selection process will be focused on the degree to which projects are innovative and scalable and how well they fit into the ecosystem of BNB Chain.
In the middle of February, BNB Chain disclosed its technology plan for the year 2025. The strategy highlighted the ecosystem’s emphasis on the utilization of artificial intelligence to enhance the speed and security of transactions.
Additionally, the blockchain was initially designed by Binance with the intention of reducing transaction latency to speeds of less than one second, enabling gasless transactions, and scaling to manage one hundred million transactions per day.
In addition to these changes, the network is working to address long-standing security concerns, particularly those associated with exploits of maximal extractable value.
