Updated · Jun 24, 2022
Binance Labs Raises $500 Million Fund for Web3 and Blockchain Investments
Updated · Jun 01, 2022
The investment fund closed on Wednesday. It will be the firm’s first round of funding that involves external capital.
Backing Emerging Technologies
The raised funds will invest in startup projects that:
- Extend the use cases of cryptocurrencies
- Push the adoption of Web3 and Blockchain technologies
Web3 is a buzz term for a new version of the internet that will adopt decentralization and token-based economics. It will have its foundations in blockchain technology.
“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,” said Changpeng Zhao, CEO of crypto exchange Binance.
Cryptocurrency has had a bad year so far. This led to the market losing a significant share of its total capitalization. In spite of that, major investors continue to see emerging technologies like Web3 and blockchain as attractive.
Binance Lab’s visions received backing from investors that include VC firms DST Global and Breyer Capital.
Since its launch in 2018, this is the first time that Binance Labs has raised funds with financing from outside investors. It boasts an impressive investment and incubation portfolio that includes:
- The Sandbox
- Axie Infinity parent company Sky Mavis
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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