The investment arm of crypto giant Binance, Binance Labs, announces that it has closed $500 million worth of investment funds to boost blockchain, Web3, and other related technologies.
Binance Labs’ investment fund is backed by worldwide institutional investors such as DST Global Partners and Breyer Capital.
According to the company, it intends to allocate the fresh $500 million fund to companies at various phases of development, including incubation, early-stage, and late-stage growth. The funds will considerably help in the development of the new technology and support startups operating in the web3 and blockchain industry.
Founder and CEO of Binance, Changpeng Zhao, said, “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.”
He further added that the newly closed investment fund’s purpose is to identify and assist projects and creators with the potential to establish and lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and other areas.
Binance Labs was founded by Changpeng Zhao and Christy Choi in 2017. Binance Labs specializes in discovering, investing in, and empowering viable blockchain entrepreneurs, startups, and communities, along with giving funding to industry projects that contribute to the growth of the greater blockchain ecosystem.
Binance Labs has invested in and fostered over 100 startups from over 25 countries since 2018. Binance Labs’ fund is the latest in a long line of crypto funds formed by venture capitalists, with Andreessen Horowitz investing $4.5 billion last week to exhibit confidence in the sector despite the current dip.