As the cryptocurrency market falls into a bear market, Binance establishes a $500 million fund to invest in ‘Web3’.
Binance Labs, the cryptocurrency exchange’s venture capital and incubator, has announced the closing of a new $500 million investment fund.
Leading worldwide institutional investors such as DST Global Partners and Breyer Capital have backed the fund.
As limited partners, the fund attracted other significant private equity funds, family offices, and companies.
The new fund will put money into projects that will broaden the scope of cryptocurrency applications and promote the use of Web3 and blockchain technologies.
“In a Web3 environment, the connection between values, people, and economies is crucial, and if these three aspects come together to establish an ecosystem, that will speed the widespread adoption of blockchain technology and crypto,” stated Changpeng Zhao ‘CZ’, Founder and CEO of Binance. The newly launched investment fund’s mission is to find and support projects and creators who have the potential to build and lead Web3 spanning DeFi, NFTs, gaming, Metaverse, social, and more.”
Binance Labs has invested in and incubated over 100 businesses from over 25 countries since its inception in 2018.
1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox, and STEPN are among the company’s industry-leading projects.
Binance Labs offers investments at three distinct stages: incubation, early-stage venture, and late-stage growth.
Binance Labs’ incubation program aims to connect businesses with Binance’s network of resources, experts, and mentors in order to help them develop and grow successful products.
Binance Labs’ Incubation Program runs on a regular basis, and the fourth batch is currently being supported.
Infrastructure, DeFi, NFTs, gaming, Metaverse, social, and crypto adoption platforms are among the early-stage venture investments that include token and equity investments across all sectors of cryptocurrency and Web3, including infrastructure, DeFi, NFTs, gaming, Metaverse, social, and crypto adoption platforms.
Late-stage growth investments are aimed at more mature enterprises wanting to scale or bridge into the Web3 ecosystem, with Binance as a strong strategic partner.
Read more on Tech Gist Africa:
The United States has completed a $316 million investment in Ghana’s Energy Infrastructure
Samsung plans to invest $356 billion to generate 80,000 new job opportunities
The United States has completed a $316 million investment in Ghana’s Energy Infrastructure
