Binance Labs calls for $500M FUND

Binance Labs, the cryptocurrency exchange’s incubator and venture capital arm, has raised $500M to support web3 projects.

Venture capital firms continue to deploy and raise capital for the cryptocurrency market despite volatility in recent weeks, with Binance Labs closing its $500 million investment fund to focus on adopting web3 and blockchain technology.

“We really see the fund as another step forward when we can formulate our mission statement, which is to help drive the adoption of web3 technology, across all stages,” Ken Li, chief investment and trading executive, merged with Binance Labs.

The company said the fund is backed by DST Global Partners and Breyer Capital, in addition to family and corporate offices as limited partners. Binance Labs’ new fund is a sign of trust among crypto-focused venture capital firms, even as cryptocurrency prices fall.

Last week, Andreessen Horowitz (a16z) announced a $4.5 billion cryptocurrency fund, the industry’s largest fund to date. Two former Binance executives Ling Zhang and Wayne Fu also unveiled a $100M fund called Old Fashion Research.

Binance Labs was founded in 2018 to invest Binance’s own money. The company has sponsored more than 100 startups to date, including Axie Infinity’s Sky Mavis developer, monetized startup StepN, 1inch decentralized exchange aggregator, and blockchain audit firm CertiK.

Binance Labs also runs an incubation program for early-stage companies and is currently supporting the fourth group of 14 startups. For early-stage investments, the company plans to support both token turnover and equity. Although the cryptocurrency market may be in volatile waters, there have been more funds deployed into space this year than in 2021.

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 CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

CoinCu News

KAI