Digital asset exchange Binance has closed a $500 million venture fund for investing in Web3 and blockchain technology projects, with support from institutional investors.
The fund, which will be led by Binance Labs, the venture capital and incubation of Binance, is supported by global institutional investors such as DST Global Partners, and Breyer Capital. Other major private equity funds, family offices, and corporations also subscribed to the fund as limited partners.
Changpeng Zhao, founder and CEO of Binance, says: “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.”
Since 2018, Binance Labs has invested in and incubated more than 100 projects from over 25 countries. Its portfolio includes projects such as 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox, and STEPN.
Zhao says the $500 million fund is expected to be allocated to projects spanning incubation, early-stage venture, and late-stage growth.