Binance Labs has launched a new $500 million fund to support web3 projects.
Binance Labs, the venture capital arm of Binance, the world’s largest crypto asset trading platform, has launched a new $500 million fund to support web3 projects. Speaking to The Block, a Binance spokesperson stated that this is the company’s first foreign fund. In the midst of the fund’s backers are companies such as DST Global Partners, Breyer Capital, anonymous private equity funds, family offices and limited partners.
With this fund, Binance Labs will continue to support initiatives focused on increasing crypto adoption, formerly Axie Infinity developer Sky Mavis, move to earn initiative StepN, decentralized exchange 1inch, and blockchain control firm CertiK. It had funded more than 100 enterprises.