Singapore, Singapore, December 12, 2022, Chain Wire
BinaryX is launching a new 220,000 BNX Cyber Incubation Fund aimed at fueling the growth and adoption of Web3 gaming.
The fund, backed by the project team, seed investors and members of the BNX community, will be used to invest in on-chain gaming projects using or experimenting with blockchain technology. BinaryX also offers consulting services alongside the fund to strengthen support for projects under the fund.
The fund is used to provide resources and all forms of support for games at every stage, including early and late development.
BinaryX Incubation Fund distribution breakdown
The fund distribution is taken from across the BinaryX fund as shown below:
BinaryX will allocate 8% of its total funding to the Cyber Incubation Fund, amounting to $12 million at the time of writing.
Rudy, Head of Growth at BinaryX said:
“BinaryX is committed to accelerating the adoption of Web3 technologies in games. The fund is not only limited to supporting blockchain games that are already in space, but also to traditional development teams that want to experiment with blockchain in their games or NFTs. We believe in the overall growth and adoption of blockchain within the gaming ecosystem and will strive to support any project that shows promise in this regard.”
Since launching the incubation arm in mid-2022, BinaryX has invested in and incubated 2 GameFi projects. His portfolio includes SHIT games and the Rh!noX NFT collection, with several exciting ongoing projects.
BinaryX will expedite its search and acceptance of projects in need of incubation and offer support at all stages, including early and late development.
With this incubation arm, BinaryX aims to connect projects to BinaryX’s network of resources, advisors and investors to help projects get started. The Incubation Fund is open for applications year-round and provides iterative support for any project at any stage of development.
The news comes amid already debunked rumors that BinaryX is selling tokens. Reinforcing her stance, Rudy said: “We would like to emphasize that our team did not commit a foul. We are fully focused on our games and transparently communicating our upcoming plans.” The team just arranged a DAO vote to decide on the BNX buyback plan and is working to execute it alongside other strategic plans for long-term growth , including development of their latest game, CyberLand.
About BinaryX
BinaryX is the GameFi platform behind play-to-earn games CyberDragon and CyberChess, both running on the BNB chain.
BinaryX started out as a decentralized trading system for derivatives. The team gradually evolved towards developing decentralized video games and is now transforming into a GameFi platform offering IGO services to connect Web2 developers with Web3.
As one of the top 10 projects in the BNB chain, BinaryX has a huge community of more than 100,000 coin holders and 17,000 monthly active wallets. It is also one of the largest Metaverse projects by trading volume on the BNB chain. BinaryX also has a token, $BNX, which has consistently performed strongly despite the bear market.
For more details and information on BinaryX, visit www.binaryx.pro
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