Venture capital arm and incubator of cryptocurrency exchange Binance, Binance Labs, has raised up to $500 million for Web3 projects.
Web3 is funded by Binance Labs
The fund’s sponsors are DST Global Partners, Breyer Capital and anonymous private equity funds, family offices and corporations as limited partners. The information was provided by Binance Labs. This is the company’s first such initiative with external capital, a Binance spokesperson told The Block.
Binance Labs was established in 2018 to invest in Binance-owned projects using its own funds. The company has invested in nearly 100 startups so far, including Axie Infinity Sky Mavis, startup StepN, decentralized stock market aggregator 1inch, and audit company CertiK.
Binance Labs plans to use the new funds to support startups focused on accelerating cryptocurrency adoption. The company will invest in projects that are in one of three phases: incubation, early-stage development, and late-stage development.
Furthermore, Binance Labs runs a special incubation program for early-stage companies and supports as many as 14 startups. The company also plans to support various new projects with tokens and capital rounds at the early stage.
Binance Labs plans to invest in startups from the Web3 market that want to integrate with the Binance ecosystem at a later stage.
According to Changpeng Zhao, the founder and CEO of Binance, “In a Web3 environment, the connection between values, people, and economies is essential. If these elements come together to create an ecosystem, it will accelerate the mass adoption of blockchain technology and cryptocurrencies. These will include Next-Future Technologies, gaming, metaverses, social media, and more.”
Ling Zhang and Wayne Fu, former Binance executives, recently created the Old Fashion Research fund.
Recently, the exchange received approval from the Italian regulator to act as a cryptocurrency service provider there.
Changpeng Zhao, the CEO of Binance, met with Kazakhstan’s president earlier this month in order to discuss long-term cooperation regarding the development of the cryptocurrency market in Kazakhstan.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.