Binance Labs, the venture capital and incubation arm of cryptocurrency exchange Binance, has closed a new $ 500 million fund. publication June 1.
Fund backers include DST Global Partners, Breyer Capital, and other unnamed private equity funds and family offices.
Binance CEO Changpeng’CZ’Zhao said:
“The goal of the newly closed investment fund is to build Web3 with DeFi, NFT, games, Metaverse, social and more to discover and support potential projects and founders.”
The idea is to expand crypto use cases and invest in projects that can boost the adoption of Web3 and blockchain.
The new fund will be used to invest in projects that span three stages: incubation, early stage and late stage.
According to a press release, Binance Labs has invested and incubated over 100 crypto projects since 2018. Its portfolio includes celebrities such as Axie Infinity, Elrond, Dune Analytics, Polygon and The Sandbox. Binance Labs also supports an incubation program that is currently hosting a fourth cohort.
Binance Labs will participate in both token rounds and equity rounds for early stage investments. For late investment, Binance Labs is looking for a startup that wants to extend or bridge to the Web3 space and integrate with the Binance ecosystem.
Binance Labs’ new fund reaffirms the confidence that other crypto venture capital firms have shown in the slumping crypto market. Andreessen Horowitz recently launched a fourth crypto fund worth $ 4.5 billion.In the same week, a former Binance executive A $ 100 million fund called Old Fashion Research Focus on the adoption of the Metaverse and cryptography.
