Binance Smart Chain and Animoca Brands announce the establishment of a $200 million fund for GameFi initiatives

BSC-based projects will benefit from knowledge from Animoca Brands and support from the BSC community.

Binance Smart Chain (BSC) and Animoca Brands have announced the start of a $200 million investment initiative to nurture early cryptocurrency-focused game businesses built on the BSC platform.

BSC and Animonica announced a joint investment of up to $100 million in the GameFi industry on Dec. 6. BSC, one of the biggest blockchain ecosystems, will spend $1 billion via its accelerator arm in decentralised finance (DeFi), nonfungible tokens (NFT), and game-based finance (GameFi). The fund was established earlier this year with the goal of expanding the BSC ecosystem’s services and accelerating mainstream acceptance within the fintech industry.

Animoca Brands is a pioneer in blockchain gaming and the open metaverse, focusing on the provision of property rights via non-fungible tokens and games. The company has invested in a number of high-profile NFT-related initiatives, including Axie Infinity, OpenSea, Bitski, and Harmony.

“Through this co-investment, businesses built on BSC will acquire knowledge and experience from industry heavyweights such as Animoca Brands, as well as cooperation possibilities with BSC Community members,” BSC investment director Gwendolyn Regina said.

Along with the notion of the metaverse, GameFi, a mashup of gaming and DeFi, has been one of the greatest buzzwords in the cryptocurrency business lately. GameFi is a term that refers to the financialization of video gaming and works on a pay-to-earn basis rather than a pay-to-win one.

Several large cryptocurrency exchanges and investment organisations have invested in GameFi in recent months, including Huobi, Solana Ventures, FTX, and Sanctor Capital.

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