Cryptocurrency exchange Binance has announced its plans to launch a $1 billion fund, China Money Network reported.

Ella Zhang, who recently joined the company to lead Binance Labs, made the announcement in an online conference. Binance Labs, a blockchain technology incubator, will select 20 qualified fund partners to collaborate on this initiative.

Eligible fund partners would be those who have asset-under-management of over $100 million with a firm belief in the cryptocurrency and blockchain ecosystem. They will need to prove their fund size and submit the profiles of their team members and investment portfolios.

The fund will provide financial support to high-quality and long-term projects. Importantly, all investments will be made with BNB tokens.

Binance Labs further announced that the recently announced blockchain-based ride hailing project by Kuaidi Dache founder Chen Weixing will be its first incubation project.

In March, Binance officially announced that it completed its blockchain technology incubator intiative, Binance Labs. The following month, MobileCoin, a new cryptocurrency, announced that Binance Labs will lead a $30 million fundraising round of fundraising for the project denominated in Ethereum and bitcoin.