Binance Labs is the venture capital arm for the world’s largest crypto exchange. It has just announced that a fund will be launched to focus on Web3 technology and blockchain technology. Fund will be launched with capital of $500 million. It will invest in companies who take cryptocurrency and expand their usage cases through Web3 or other technologies.
Binance Labs invests $500M into Web3 and Blockchain Startups
Binance Labs is the investment and venture capital organization for the crypto exchange. They have announced new investments to diversify their investment portfolio. Capital arm of company announced that it will launch an investment fund which will be primarily focused on blockchain and Web3 sectors. This fund will contain $500 million and will invest in projects that will enhance the function of cryptocurrencies.
DST Global Partners, Breyer Capital and other investors are among the participants in this fund. Changpeng Zhao from Binance said that this fund has one objective: to make it easier to connect elements which will accelerate adoption of these technologies. He declared:
This closed fund was created to support founders and projects that have the potential to create and lead Web3 in defi and NFTs.
Investment Strategy
Binance Labs was established in 2018 and supports projects relevant to the crypto and gamefi industries such as Elrond and Dune Analytics. This division specializes in incubating such companies. It funds startup in this field who have just begun to operate, and provides counseling and funding.
Binance Labs hosts its four-season global incubation series. The organization has incubated more than 100 projects, from over 25 countries, so far. This new exchange is also going to be an important part of its fund. It will connect these startups with other investors and provide them with expertise and funding.
However, Binance also announced that it will invest in more mature projects including early-stage companies in areas such as defi, NFTs, gaming, metaverse, social, and crypto, and also in already established companies that would act as partners to Binance — extending its functions and reach by using its platform.
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