03 Jun Binance Labs Launches $500 Million Web3, Blockchain Fund
Binance Labs, the venture capital arm of the leading crypto exchange, has announced the launch of a new fund that will focus its action on Web3 and blockchain technologies. The fund, which will launch with $500 million in capital, will invest in companies that take cryptocurrencies and extend their use cases using Web3 and other technologies.
Binance Labs to Invest $500M in Web3 and Blockchain Startups
Binance Labs, the investment and VC organization of the cryptocurrency exchange, has announced a new round of investments seeking to diversify its investment portfolio. The capital arm of the company has announced it is launching an investment fund to focus on the blockchain and Web3 sector. The fund, which will have $500 million at its disposal, will seek to put money behind projects aiming to extend the functions of cryptocurrencies.
The fund has the participation of DST Global Partners and Breyer Capital, amongst other firms and investors. Binance CEO Changpeng Zhao stated that one of the objectives of this fund is to ease the connection of elements destined to accelerate the adoption of these new technologies. He declared:
The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across defi, NFTs, gaming, metaverse, social, and more.
Binance Labs has been around since 2018 and has supported projects that have been relevant in the cryptocurrency and Gamefi industry such as Axie Infinity, Elrond, Dune Analytics, and The Sandbox. The division is specialized in the incubation of such companies, meaning that it funds startups in the field that have just started to operate and are seeking funding and counseling on their operation.
So far, Binance Labs has hosted four seasons of its global incubation project, where more than 100 projects coming from 25 different countries have been incubated by the organization. Incubation will also be a big part of the new fund, with the exchange seeking to connect with these startups and help them to grow by providing them with funding and expertise in different areas.
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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