Richard

Billion

Coin

<ul class="news-points"> 
 <li>Binance separates its $10 billion venture arm, Binance Labs, from the parent firm.</li> 
 <li>Accordingly, Binance Labs staff now operate under separate contracts.</li> 
 <li>Despite the split, Binance Labs continues leveraging the brand through licensing agreements.</li> 
</ul> 
Leading crypto exchange Binance quietly <a href="https://www.bloomberg.com/news/articles/2024-03-15/crypto-exchange-binance-spins-off-binance-labs-venture-capital-unit" target="_blank" rel="nofollow">unraveled</a> its $10 billion venture capital arm earlier this year, coming within four months of Richard Teng’s appointment as the new chief executive officer of Binance. 
Binance Labs, the erstwhile venture capital division, has emerged as an autonomous entity, severing some ties with its parent group. Accordingly, Binance Labs staff now operate under separate contracts. 
Binance Labs’ Investment Director Alex Odagiu has affirmed the detachment from the parent company in a statement to Bloomberg. “We’re not part of the Binance group,” Odagiu remarked.&nbsp; 
Notably, the disclaimer note on the Binance Labs website emphasized that the venture operates independently and is not affiliated with the Binance Group. It is also not engaged in any of the businesses conducted by the Binance Group, including, but not limited to, the Binance crypto exchange. 
Meanwhile, the detached…
The post <a href="https://coinedition.com/binance-breaks-away-from-its-10-billion-venture-arm-details/">Binance Breaks Away from its $10 Billion Venture Arm: Details</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Binance Breaks Away from its $10 Billion Venture Arm: Details

Coin Edition

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