Crypto Exchange Division Binance Creates a $500M Fund to Invest in Web3 and Blockchain

Binance Labs, the venture capital and incubation arm of leading cryptocurrency exchange Binance, on Wednesday announced about the creation of an investment fund in the amount of $500 million for the development of Blockchain and Web3.0 technologies.

The fund is backed by the world’s leading institutional investors such as DST Global Partners, Breyer Capital, as well as other major private equity funds, Binance said in a statement.

The new fund will invest in projects that can expand the use of cryptocurrencies and promote the adoption of Web3.0 and Blockchain technologies.

“The goal of the recently closed investment fund is to find and support projects and founders capable of building and leading Web3 across DeFi, NFT, games, Metaverse, social media and more,” said Changpeng Zhao, Founder and CEO of Binance.

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

With the new fund, Binance Labs will invest in three different stages: incubation, early stage venture capital, and late growth stages.

  • Through incubation, Binance Labs will help projects to successfully develop and grow their product.
  • Early-stage venture capital investments include token and equity investments across all cryptocurrency and Web3.0 sectors, including infrastructure, DeFi, NFTs, games, metaverses, social media, and cryptocurrency acceptance platforms.
  • Late-stage growth investments target more mature companies looking to scale or tap into the Web3.0 ecosystem with the Binance ecosystem as a trusted strategic partner.

Formerly American investment firm Andreessen Horowitz announced about two new funds – for $4.5 billion for cryptographic and blockchain companies and Web3.0 startups, and “Games Fund One” – for $600 million, which is focused exclusively on the gaming industry.

It is reported that a group of former leaders of one of the largest cryptocurrency exchanges, Binance, also created a $100 million venture capital fund.

Oracle co-founder Larry Ellison and Binance lend $1.5 billion to Elon Musk to buy Twitter
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