Binance Labs, venture capital arm of Binance, announced the closing of a US$500 million investment fund.
The fund is participated by global institutional investors including DST Global Partners, Breyer Capital and also other major private equity funds, family offices, and corporations.
The funds will be invested into cryptocurrency, Web3 or blockchain projects.
Brighter Future for Web3 Projects
Since 2018, Binance Labs has incubated and invested in over 100 projects across 25 countries.
The notable portfolios of Binance Labs include Axie Infinity, Elrond, Polygon, The Sandbox, and STEPN.
Founder and chief executive officer of Binance, Changpeng Zhao said in a statement that the "connection between values, people, and economies" come together to build an ecosystem that will speed up the adoption of the blockchain technology in a Web3 environment.
"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," added Zhao.
The US$500 million investment fund will be allocated to projects spanning 3 different stages; incubation, early-stage venture, and late-stage growth.
No Slowing Down for Binance
