Binance, the world’s largest crypto exchange by trading volume, via its venture capital and incubation arm, has launched a new $500 million investment fund to enhance the adoption of crypto and blockchain technology.
According to a blog post on Binance’s official website, the fund is supported by leading global institutional investors, including DST Global Partners, and Breyer Capital. The report added that other major private equity funds, family offices, and corporations also subscribed to the fund as limited partners.
Read Also: CZ: If Binance Goes Bankrupt, Users Would Be Refunded First Before Shareholders
The exchange points out that the fund will be invested in projects that have the capability to extend the use cases of cryptocurrencies and drive the adoption of Web3 and blockchain.
The report reads in part:
“Binance Labs makes investments across three different stages: incubation, early-stage venture, and late-stage growth.
“With incubation, Binance Labs aims to connect projects with Binance’s network of resources, experts, and mentors to help them drive successful product development and growth. Binance Labs runs its Incubation Program regularly and is currently supporting its fourth cohort.
Early-stage venture investments include token and equity investments across all sectors of cryptocurrency and Web 3.0, including infrastructure, DeFi [decentralized finance], NFTs [non-fungible tokens], gaming, Metaverse, social, and crypto adoption platforms.
Late-state growth investments target more mature companies looking to scale or bridge into the Web 3.0 ecosystem with the Binane ecosystem as a solid strategic partner.”
Read Also: I’m Disappointed in Terra Team, Says CZ, As He Explains Why Binance Delists LUNA and UST
Speaking about the importance of the investment, Binance CEO Changpeng Zhao (CZ):
“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 the blockchain technology and crypto.
“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.”
Follow us on Twitter, Facebook, Telegram, and Google News
