Binance has announced a new fund of 500 million dollars for investments in Web3 and blockchain technology projects, with the support of institutional investors.
Binance Labs led the funding with the support of global institutional investors such as DST Global Partners, and Breyer Capital, as well as other large private equity funds, family offices and companies registered in the fund as limited partners.
“In a Web3 environment, the connection between values, people and economies is essential, and if these three elements come together to create an ecosystem, this will accelerate the mass adoption of blockchain technology and encryption. The goal of the recently closed investment fund is to discover and support projects and founders with the ability to build and lead Web3 in DeFi, NFTs, gaming, Metaverse, social and more.”, said Changpeng Zhao, founder and CEO of Binance.
Since 2018, Binance Labs has invested in more than 100 projects in over 25 countries. Its portfolio includes projects such as 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox and STEPN.
Zhao says that the fund of 500 million dollars is expected to be allocated to projects covering the promotion of new business activities, whether they are at an early or even advanced stage.