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Binance Labs Launches $500 Million Fund To Boost Blockchain, Web3

Binance Labs Launches $500 Million Fund To Boost Blockchain, Web3

Last updated 30th Nov 2022
Disclosure
  • Binance Labs closes a new $500 million investment fund with support from global institutional investors
  • The new fund will invest in projects that can expand crypto use cases and drive adoption of Web 3 and blockchain tech
  • The new fund will invest in three different stages: incubation, early-stage venture, and late-stage growth

The venture capital and incubation arm of leading cryptocurrency exchange Binance on Wednesday launched a $500 million fund, that will invest in projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3 and blockchain technologies.

Fund supported by global investors

The fund is supported by global institutional investors like DST Global Partners, and Breyer Capital.

Other major private equity funds, family offices, and corporations also subscribed to the fund as limited partners.

In a Web3 environment, the connection between values, people, and economies is essential, and if these three elements come together to build an ecosystem, that will accelerate the mass adoption of blockchain technology and crypto.
Changpeng Zhao, Founder and CEO of Binance

He added that the goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and lead Web3 across DeFi, NFTs, gaming, and Metaverse.

The firm aims to invest the $500m in startups across three different stages: incubation, early-stage venture, and late-stage growth.

Since 2018, Binance Labs has invested in and incubated over 100 projects from over 25 countries. Its portfolio includes projects such as 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox, and STEPN.

Venture capitalists (VCs) have poured billions into crypto and blockchain startups this year, especially into the Web3 and Ethereum layer-2 scaling solutions space, despite apparent overall bearish sentiments.

Murtuza Merchant

Murtuza Merchant

Murtuza Merchant is a senior journalist, having been associated with various publications for over a decade. An avid follower of blockchain tech and cryptocurrencies, he is part of a crypto advisory firm that advises corporates – startups and established firms on media strategies.