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Global cryptocurrency exchange Binance has generated $500 million for its venture capital fund Binance Labs, which will focus mainly on startups involved in Web3.
Source: CNBC
BNB is up 1.20%, while BTC is up 1.37%.
The fund’s backers include DST Global and Breyer Capital, along with unnamed family offices and corporations. The announcement comes a week after Andreessen Horowitz unveiled a $4.5-billion fund for crypto startups.
The funding will be used to invest in companies with a presence on Web3, a decentralized platform that incorporates blockchain and shared digital ledgers which back the major digital tokens across the globe.
The new fund seeks to cash in on the recent decline of cryptocurrencies and to identify founders building on Web3, which it believes to be the next big thing in technology.
Binance Labs Executive Director Ken Li said the fund is looking for projects “with the potential” to boost Wen3 growth. The projects can include infrastructure, nonfungible tokens, and decentralized autonomous organizations.
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