Binance Labs, the venture capital and incubator arm of Binance, a US-based cryptocurrency exchange, has announced the closing of a $500 million investment fund to support initiatives that broaden crypto use cases and push the adoption of Web 3 and blockchain technology.
Binance Labs has invested in and fostered over 100 enterprises from over 25 countries since its founding in 2018, including African firms like Bundle and Xend Finance. 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox, and STEPN are among the company’s industry-leading initiatives.
Leading worldwide institutional investors including DST Global Partners, Breyer Capital, and Whampoa Group have backed the new Binance Labs fund. As limited partners, the fund attracted other significant private equity funds, family offices, and companies.
It will invest in three stages: incubation, early-stage venture, and late-stage growth – in initiatives that can increase the use cases of cryptocurrencies and push the adoption of Web3 and blockchain technology.
“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 lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more,” said Changpeng Zhao, founder and CEO of Binance.
