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Binance Labs just created a $500M investment fund to foster cryptocurrency use and boost the adoption of blockchain and Web3 technologies.
The venture capital and incubation arm of Binance—Binance Labs—has announced it closed a $500 million investment round. The fund received support from global institutional investors DST Global Partners and Breyer Capital.
“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 Changpeng Zhao ‘CZ’, Founder and CEO of Binance. “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.”
The funding will be used to support projects at different stages of growth. It will invest in both incubation and early-stage ventures, as well as late-stage growth. The investments can be expected across various sectors of cryptocurrency and Web3, including infrastructure, DeFi, NFTs, gaming, Metaverse, social, and crypto adoption platforms.
Binance Labs has already invested in more than 100 projects, including some well-known projects like Axie Infinity, Dune Analytics, Elrond, Polygon, and The Sandbox.
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