advertisement
Binance Labs Closes New $500M Investment Fund
Binance Labs, the venture capital and incubation arm of Binance, on Friday announced the closing of a new $500 million investment fund.
The fund is supported by leading global institutional investors such as DST Global Partners, Breyer Capital, and Whampoa Group. Other major private equity funds, family offices, and corporations also subscribed to the fund as limited partners.
The company said in a press release to newsrooms that it will invest the new fund in projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3 and blockchain technologies.
advertisement
Changpeng Zhao ‘CZ’, Founder and CEO of Binance, said: “In a Web3 environment, the connection between values, people, and economies is essential, and if these three elements come together to build an ecosystem, that will accelerate the mass adoption of the blockchain technology and crypto. 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.”
Since 2018, Binance Labs says it has invested in and incubated more than 100 projects from over 25 countries. Its portfolio includes industry-leading projects such as 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox, and STEPN.
Binance Labs makes investments across three different stages: incubation, early-stage venture, and late-stage growth. The company said it will allocate the $500 million investment fund to projects spanning all three stages.