Binance Labs, the venture capital arm of a leading crypto exchange, has announced the launch of a new fund that will focus its actions on Web3 and blockchain technology. The fund will be launched with $500 million in capital and will invest in companies that use cryptocurrencies and extend their use cases with Web3 and other technologies.
Binance Labs to invest $500 million in Web3 and blockchain startups
Binance Labs, the cryptocurrency exchange’s investment and VC organization, has announced a new investment round that seeks to diversify itsinvestment portfolio. The company’s capital arm announced the launch of an investment fund focused on the blockchain and web3 sectors. The fund will have $500 million at its disposal and will seek to fund projects aimed at extending the capabilities of cryptocurrencies.
The fund includes companies and investors such as DST Global Partners and Breyer Capital. Changpeng Zhao, CEO of Binance, stated that one of the fund’s objectives is to facilitate the connection of elements destined to accelerate the adoption of these new technologies. He declared.
The objective of the newly closed investment fund is to discover and support projects and founders with the potential to build and lead Web3 across defi, NFT, gaming, metaverse and social.
Binance Labs has existed since 2018 and has been working with Axie Infinity, Elrond, Dune Analytics, The Sandbox, and others related to the cryptocurrency and Gamefi industry. It has supported projects. This division is dedicated to incubating such companies, which means providing funding and operational counseling to startups in this field that are just starting out.
To date, BinanceLab has hosted four seasons ofglobal incubation projects, with over 100 projects from 25 countries incubated. Incubation is also a big part of the new fund, and the exchange aims to connect with these startups and help them grow by providing funding and expertise in a variety of areas.
However, Binance also works with more mature projects, including early-stage companies in areas such as defi, NFT, gaming, metaverse, social, and crypto, as well as with Binance’s partners, meaning that they can use Binance’s platform to function and The company has also announced that it will invest in already established companies that will extend its functionality and scope by using the Binance platform.
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