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Laxman Pai, Opalesque Asia: Binance Labs, the venture capital and incubation arm of Binance, has raised $500 million to establish a fund that will invest in crypto, Web 3, and blockchain companies.
Binance, the world's largest crypto exchange by volume, said in a press release that the fund is supported by leading global institutional investors such as DST Global Partners, and Breyer Capital.
Changpeng Zhao 'CZ', Founder and CEO of Binance, 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."
"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," Changpeng added.
The $500 million fund will be invested in projects across three stages of pre-seed or incubation, early-stage venture, and late-stage growth, said the cryptocurrency exchange platform.
With incubation, Binance Labs aims to connect projects with Binance's network of resources, experts, and mentors to help them drive successful product development and growth. Binance Labs runs its Incubation Program regularly and is currently supporting its fourth cohort.
Early-stage venture investments include token and equity investments across all sectors of cryptocurrency and W...................... To view our full article Click here
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