Binance Labs, the venture capital (VC) arm of the Binance cryptocurrency exchange has launched a $500 million investment fund as it seeks to continually bolster its Web3.0 engagements. As announced by the VC arm which also doubles as an incubator, a number of global investment firms joined in pulling the funds and these include DST Global Partners and Breyer Capital with many others subscribing as limited partners.
The fund will be deployed in backing crypto startups building solutions that can help promote or enhance the mainstream adoption of blockchain and its accompanying 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,” said Changpeng Zhao (CZ), the co-founder and CEO of Binance. “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.”
Specifically, the new fund will be deployed to support projects while in their incubation phases as well as those in the early seed stage as well as late seed stages respectively.
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Binance Labs Portfolio
Binance Labs is an incubator and investor with a very robust portfolio. The offshoot was founded in 2018, and since its inception, it has taken active positions in Ultiverse, STEPN, The Sandbox, 1inch, Polygon, Audius, Axie Infinity, Dune Analytics, and Woo Network amongst others.
Considering the fast-paced model of the digital currency ecosystem of today, the new investment fund will help Binance Labs expand its portfolio to Decentralized Finance (DeFi), Non-Fungible Tokens (NFT), and even Layer-1 and 2 protocols respectively.
While Binance Labs through the Incubator it often organizes has helped startups to find their feet in the crypto ecosystem, the program, which is in its fourth stage is billed to add more gait to the platform’s underlying support. As it stands, Binance Labs is conducting its fourth session of the incubator program and beneficiaries from this program may receive the funding upon completion.