Former Binance Labs Director Bill Qian Promoting Over $100 Million For A Crypto Fund

Key Points:

• The former head of Binance Labs and current president of Cypher Capital, Bill Qian, is seeking over $100 million in funding for a crypto venture fund.
• He said Cypher is prioritizing projects that will bring about 5 billion more internet and social users to the web3.
• Bill Qian planned to approach Asian tech moguls for funding but did not name them.

Bill Qian, who used to oversee venture investments and acquisitions at Binance Holdings Ltd., is seeking over $100 million for a crypto VC fund, according to Bloomberg.

Qian, who left Binance last June to become the chairman of Dubai-based Cypher Capital, plans to invest in web3-focused startups. The next edition is determined by the laxity of the internet that advocates say will be more decentralized and dependent on blockchain technology.

Cypher Capital has ten employees and recently invited Elaine Liu, a veteran of Tencent, to support its expansion in the UAE. In November, the company set up an office space for crypto and blockchain startups at Dubai Marina as part of an effort to find future deals.

According to Bill Qian, one of the crypto industry’s biggest challenges is that the user base has not grown significantly. He says that’s because many people’s primary use case is trading or gambling. He also revealed that Cypher is prioritizing projects bringing about 5 billion more internet and social network users to the web3.

The former Binance Labs executive said he plans to approach Asian tech moguls for money without naming them. He also declined to disclose whether the fund received any commitments but said the digital asset’s recovery this year, which has seen Bitcoin rise around 50%, has helped raise capital just got easier.

In some countries, especially the United States, cryptocurrencies are tightened by strict policies. Dubai – along with the broader United Arab Emirates – is becoming a hotbed for crypto as jurisdictions, including the US tighten their grip on the industry following crypto scandals Last year as LUNA-UST collapsed, which culminated in the rapid collapse of FTX and the prosecution of founder Sam Bankman-Fried.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News