The fund will provide investment for projects building out cryptocurrency use cases and help expand the adoption of Web3 and blockchain technologies.
Fund Aims to Discover and Support
Binance Labs closed a $500 million investment fund to boost blockchain, Web3, and Value-building technologies.
The investment fund was confirmed through a blog post on Wednesday, June 1, featuring investment partners such as Breyer Capital, Whampoa Group, DST Global Partners, and more.
Binance CEO, Changpeng Zhao (CZ), stated that 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.”
Binance Labs have been supporting projects since 2018. Top Protocols like 1inch, Axie Infinity, Dune Analytics, were funded by the venture capital and incubation arm of Binance.
The $500 million investment fund will be distributed to projects under three stages of investment: Incubation, early-stage venture, and late-stage growth.
The investment fund covers all areas of the cryptocurrency sector based on the three stages, ensuring that promising projects get the needed support to scale in the industry.
What is Binance Labs:
Binance Labs is created with the objective to identify, invest and power blockchain entrepreneurs, startups, and communities by providing financial resources to industry projects thus enhancing the growth of the blockchain ecosystem.
Learn more about Binance Labs:
Source : bsc.news
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