Binance Labs raises $500m for crypto and Web3 fund

Binance Labs, the venture capital and incubation arm of digital asset exchange Binance, has launched a new $500 million investment fund.

The fund will invest in projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3 and blockchain technologies, said Binance Labs.

The fund is supported by global institutional investors such as DST Global Partners and Breyer Capital, and private equity funds, family offices and corporations also subscribed to the fund as limited partners.

Changpeng Zhao, chief executive of Binance, said: “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, the metaverse, social and more.”

Since 2018, Binance Labs has invested in and incubated more than 100 projects from over 25 countries. Its portfolio includes projects such as 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox and STEPN.

The $500 million is expected to be allocated to incubation, early-stage venture investment and late-stage growth projects.

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