- Binance announced $500M worth investment fund with institutional investors’ backing
- Funds to be used to discover and support Web 3 projects in different stages
Binance recently announced that it had secured another investment fund worth $500 million. The funds will be used to support projects that drive blockchain tech adoption. The Web 3 projects benefiting from this investment fund will cut across different use cases, including DeFi, iGaming, NFTs, social, and more.
The investment fund will allow Binance Labs to finally dip its toes into Web 3, joining other big brands across different industries.
Investment partners: a first for Binance Labs
Binance Labs, the venture capital and incubation arm of the world’s largest crypto exchange, has incubated over 100 projects since 2018. But this fund marks the first time the firm brings in outside investors.
Binance had backing from institutional giants in the investing world, including DST Global Partners, and the Whampos Group. Corporations and private equity funds also came in as limited partners of the fund.
Projects that will benefit from the funds will be joining Binance’s rich portfolio, including Axie Infinity, Polygon, and The SandBox.
Funds to be distributed to projects across different sectors
According to the press release, Binance Labs will be investing in projects that drive Web 3 adoption across different sectors. These will include gaming, NFTs, Metaverse, DeFi, and so much more.
The portfolio will include projects in different phases, including incubation, early-stage venture, and late-stage growth.
Binance has been making several investments this year. Just recently, the exchange backed Elon Musk’s Twitter takeover with a $500M investment.
