The world’s largest cryptocurrency exchange just launched its venture capital fund. The company’s VC and incubation arm reported on June 1 that it has raised USD 500 million with the goal of investing in Web 3.0 startups.
The fund is backed by DST Global and Breyer Capital as well as by unannounced family offices and corporations. In a press release, Binance said that it aims to focus on projects that can expand the use cases of cryptocurrencies and further drive the adoption of Web 3.0 and blockchain technologies.
“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,” Changpeng Zhao ‘CZ’, Founder and CEO of Binance, said. “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.”
The USD 500 million investment fund would be allocated to projects in the three different stages across which Binance Labs invests: incubation, early-stage venture, and late-stage growth.
Since 2018, Binance Labs has invested in more 170 projects across 25+ countries. These include projects like 1inch, Axie Infinity, The Sandbox and Polygon.
The news about Binance’s plans to support the growth of Web 3.0 companies comes after last week Andreessen Horowitz announced its USD 4.5 billion fund to invest in crypto start-ups.
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