Binance Labs, the world’s largest cryptocurrency exchange and Binance’s incubation arm, has launched its own venture capital fund. The company’s venture capital arm has raised $500 million for its first start-up fund, which will invest in Web3 and blockchain firms.
The fund is backed by top worldwide institutional investors such as DST Global Partners and Breyer Capital. Also, it is backed by other large private equity funds, family offices, and companies as limited partners. The new fund will invest in projects that will broaden the scope of cryptocurrency applications and promote the use of Web3 and blockchain technologies. Binance Labs intends to put its newly raised capital towards Web3 startups. Web3, dubbed “the internet’s future” by some, is a new version of the web.READ MORE