Binance puts up $100 million to attract DeFi projects to its new blockchain

Crypto exchange Binance has unveiled a new initiative — backed by a $100 million pot — to attract would-be-developers and projects to its recently unveiled Binance Smart Chain.

Participants can garner up to $100,000 via the program. The unveiling comes more than a week after Binance launched Smart Chain, billed as a smart contract-focused companion to its existing Binance Chain. 

Based on comments from Binance thus far, the initiative appears focused on fostering work on decentralized finance applications on Binance Smart Chain.

"For developers who want to develop projects on Binance Smart Chain, we are launching the a $100 million fund  to seed different projects," Binance CEO Changpeng Zhao said during a Thursday livestream. Zhao added that the initiative builds on existing sources of funding for developers.