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Binance VC Spin-Off: $10 Billion Independent Fund Emerges

Key Points:

Binance Labs, the $10 billion venture capital arm of crypto exchange Binance, has become an independent entity under CEO Richard Teng’s leadership.
Despite becoming independent, Binance Labs will continue to focus on identifying and investing in promising projects, as it has since its creation in 2018.

According to Bloomberg, Binance has spun off its $10 billion venture arm, Binance Labs, under CEO Richard Teng. Despite Binance VC spin-off, It remains focused on investing in promising crypto projects.

Binance VC Spin-Off: $10 Billion Independent Fund Emerges

Crypto exchange Binance has spun off its $10 billion venture capital arm, Binance Labs, under CEO Richard Teng’s leadership.

Impact of Binance VC Spin-Off: Crypto Investment Landscape

As an independent entity, Binance Labs has separate contracts from the main exchange and maintains some ties with the wider group, comparable to Binance-backed ledger BNB Chain.

Binance Labs Investment Director Alex Odagiu emphasized, “We’re not part of the Binance group.” This follows a major shift within Binance after a plea deal with US agencies led to a $4.3 billion penalty and the replacement of founder Changpeng Zhao as CEO.

Binance Labs is led by Yi He, a Binance co-founder, and primarily funded by the exchange’s profits. It functions as both a venture capital investor and an incubator for crypto projects, focusing on startups building on BNB Chain and others that are blockchain-agnostic.

Readmore: Bitwise Spot Bitcoin ETF Is Actively Preparing For A Wave Of Investment In Q2

Binance Labs’ Operations Unchanged Despite Spin-off

To date, Binance Labs has invested in around 250 projects, including Sky Mavis, Aptos Labs, LayerZero, Polygon, and The Sandbox, and its assets are now valued at over $10 billion on paper.

Despite the spin-off, operational independence will not significantly change Binance Labs’ operations. Its primary objective remains the identification and investment in promising projects, a goal that has been the primary focus since Binance Labs’ creation in 2018.

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Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.