BinaryX launches a new 220,000 BNX Cyber Incubation Fund, aimed at driving the growth and adoption of Web3 games.
The fund, which is supported by the project crew, seed investors, and members of BNX, will be used in order to invest on-chain gaming companies that use or are experimenting using blockchain technology. BinaryX offers advisory services to help fund projects.
The fund will be used for resources and support at all stages, including the early and late stages.
BinaryX Incubation Fund Distribution Breakdown
As shown below, the fund distribution is made from the overall BinaryX Fund.
BinaryX will contribute 8% of its total funds to the Cyber Incubation Fund. The amount is currently $12 million USD.
Rudy, Head for Growth at BinaryX stated:
“BinaryX is committed to accelerating the adoption of Web3 technologies in gaming. This fund will not only support blockchain-based games, but traditional developers who wish to use blockchain in their games and NFTs. We believe in the overall growth and adoption of blockchain within the gaming ecosystem, and we will strive to support any project that is promising to that effect.”
BinaryX launched its incubation arm in mid-2022. It has incubated and invested in 2 GameFi projects. Its portfolio includes Rh!noX NFT collection and SHIT games. There are many exciting projects in the pipeline.
BinaryX will increase its ability to find and adopt incubation projects and offer support throughout all stages of development, from early-stage to late-stage.
With this incubation arm, BinaryX aims to connect projects with BinaryX’s network of resources, advisors and investors to help projects go to launch. The Incubation Fund is available for applications at all times and offers iterative support to projects at any stage in development.
The news comes amid already refuted rumours BinaryX sells tokens. To reiterate their stance, Rudy said, ‘We would like to emphasize that there was no foul play from our team. We are entirely focused on our games, and we have been communicating our upcoming plans transparently.’ The team has just arranged a DAO vote to decide on the buy back plan for BNX, and are working to execute it alongside other strategic plans for long-term growth, including the development of their latest game, CyberLand.
BinaryX, the GameFi platform behind earn-to-play games, is called GameFi. CyberDragon And CyberChessBoth run on the BNB Chain.
BinaryX started as a centralised derivative trading system. In time, the team evolved to develop decentralised videogames. Now, GameFi is offering this platform. IGO services Web2 developers can now be connected to Web3.
BinaryX, one of the 10 most active projects on BNB Chain has more than 100k coins holders and 17K monthly active wallets. It also ranks among the top 10 metaverse projects in terms of trading volume on BNB Chain. BinaryX also owns a token $BNX which has demonstrated consistent strong performance in spite of the bear market.