Binance Labs, the venture capital arm of the leading crypto exchange, has announced the launch of a new fund that will focus its action on Web3 and blockchain technologies. The fund, which will launch with $500 million in capital, will invest in companies that take cryptocurrencies and extend their use cases using Web3 and other technologies.
Binance Labs to Invest $500M in Web3 and Blockchain Startups
Binance Labs, the investment and VC organization of the cryptocurrency exchange, has announced a new round of investments seeking to diversify its investment portfolio. The capital arm of the company has announced it is launching an investment fund to focus on the blockchain and Web3 sector. The fund, which will have $500 million at its disposal, will seek to put money behind projects aiming to extend the functions of cryptocurrencies. The fund has the participation of DST Global Partners and Breyer Capital, amongst other firms and investors. Binance CEO Changpeng Zhao stated that one of the objectives of this fund is to ease the connection of elements destined to accelerate the adoption of these new technologies. He declared: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.
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