Binance closed a massive investment fund with support from several global institutional investors.
Binance is bringing out the big investment guns.
The exchange's venture funding arm Binance Labs announced the launch of a $500 million investment fund in cooperation with DST Global Partners and Breyer Capital. Other private equity funds, family offices, and corporations are reportedly joining the fund as limited partners.
Binance said the fund will invest in projects in three different stages: incubation, early-stage, and late-stage. It is to focus on the adoption of Web3 and blockchain technologies. Binance CEO Changpeng Zhao noted:
"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."
Binance Labs is already a major player in the crypto VC funding space, having funded several successful projects like Audius, Axie Infinity, STEPN, and many others.
According to its release, early-stage investments will be across all crypto sectors like DeFi, NFTs, gaming, Metaverse, social, and crypto adoption platforms. Late-stage investments, on the other hand, will focus on more mature companies that target a strategic partnership with Binance.
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