The venture capital arm of Binance, Binance Labs, has closed a $500 million investment fund. This news was announced today by Binance, with DST Global Partners and Breyer Capital among the notable investors.
Unnamed equity funds, family offices, and businesses invested as limited partners in the fund.
The developers announced that the $500 million will go toward expanding the use of cryptocurrencies in apps. Binance Labs, on the other hand, plans to spend the funds on promoting blockchain and Web3 technologies adoption.
The firm will, in fact, invest the capital in three stages. The above three categories are referred to as “incubation,” “early-stage venture,” and “late-stage growth.”
Championing Web3 Development
Binance Labs’ announcement comes as the web3 ecosystem continues to develop.
In 2018, the venture capital firm has incubated and invested in over 100 projects from over 25 different countries. There are many others. Audius, 1inch, Axie Infinity, Polygon, and STEPN are just a few of them.
Binance, meanwhile, has revealed plans to purchase a $500 million stake in Twitter in support of Elon Musk’s bid to acquire the social media platform.
Binance CEO Changpeng Zhao said the firm is seeking to combine online social media and Web3, as well as boost cryptocurrency and blockchain adoption.
On the heels of the crypto market’s nosedive and a $1 trillion loss in capitalization since November 2021, this news arrives. Bitcoin is presently valued at $31,074.42, down 1.45 percent over the previous 24 hours. The cryptocurrency market is also declining, with most top-10 cryptocurrencies dropping between 0.43 percent and 6.29 percent.
