Binance Labs Raised $500M Fund for Web3 Investments

Binance Labs, the venture capital arm of the cryptocurrency exchange Binance, announced Wednesday it has raised $500 million to establish a fund dedicated to investing in web3 and blockchain companies, according to a press release. They also took to Twitter to make their announcement official. 

 As the tweet says, the $500 million fund was led by DST Global Partners, Breyer Capital, Whampoa Group and other private equity funds. 

The new fund will invest in cryptocurrency companies in three stages: incubation, early-stage and late-stage growth.

“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,” said Binance CEO Changpeng “CZ” Zhao. “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, Metaverse, social, and more.”

Binance Labs is just the latest crypto fund by venture capitalists, with Andreessen Horowitz (a16z) announcing the largest crypto fund in history last week at $4.5 billion. 

The entire market cap for cryptocurrencies is at $1.3 trillion, a 55% drop since November when it was at $2.9 trillion, according to Bitpush Terminal data. Bitcoin is below the $31,000 mark, while Ethereum is just under the $1,900 price point. Furthermore, seven of the top 10 cryptocurrencies by market cap are down in the last 24 hours. 

Author: Tyler Irvin

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