Binance labs collect $500m for its Web3 startup

Binance labs collect $500m for its Web3 startup

The funding support of crypto behemoth Binance, Binance Labs, has announced a fund of $500 million in collaboration with some of the global investors like Breyer Capital and DST Global Partners. The idea behind this fund announcement is to promote innovations in the Web3, crypto and blockchain domains. 

Binance Labs plans to give the latest $500 million fund to businesses at all stages of growth, from basic planning to final implementation.

While discussing how to accelerate the acceptance of the crypto ecosystem, Binance CEO Changpeng “CZ” Zhao highlighted the necessity of a relationship between values, people, and economies:

“The prime aim of the collaborated investment funds is to explore and finance startups/businesses with the enthusiasm to lead and develop Web 3.0 beyond social media, NFTs, gaming, decentralized finance, metaverse, and more.”

Debuting in 2018, Binance Labs has since then supported and encouraged approximately 100 global projects, including significant players like Polygon, The Sandbox, Dune Analytics, Elrond, Axie Infinity and 1inch in its portfolio.

Interestingly, in 2018 Binance Labs has also funded $3 million to Terra’s layer-0 blockchain.

According to Ken Li, Binance Labs’ executive director of investments and M&A, there are 14 initiatives in Season 4 of the Incubation Program that will get the first money from the new fund, according to a tabloid.

Several former Binance employees lead financing rounds to assist a multi-strategy blockchain investment fund, Old Fashion Research (OFR), which invested in over 50 blockchain businesses in only one year.

The ex-President of mergers and acquisitions and investments in Binance, Ling Zhang, and the ex-Binance director of corporate development, Wayne Fu, are the originators of the fund strategy. 

Binance Labs is Binance’s startup investment and accelerator arm, as well as the world’s largest cryptocurrency exchange by volume.

Binance Labs looks for, supports in, and promotes potential blockchain innovators, organizations, and groups, as well as providing money to industry projects that support the broader growth of the blockchain ecosystem.

Binance Labs is committed to aiding technology teams who have a good impact on the cryptocurrency community and are contributing in the development of the decentralized web.

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