Binance Labs, the venture capital and incubation arm of Binance, the world’s largest cryptocurrency exchange by trading volume, has secured $500 million in investment funds.
The exchange announced the closing of the fund on Wednesday in a statement on its website.
Binance disclosed that global institutional investors such as DST Global Partners, Breyer Capital, and Whampoa Group, contributed to the fund.
The venture firm noted that “the fund will invest in projects that can extend the use cases of cryptocurrencies and drive the adoption of third-generation websites (Web3) and blockchain technologies.”
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Changpeng Zhao, Binance’s Founder and Chief Executive Officer, further explained that the goal of the 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.
“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,” Changpeng added.
Binance Lab’s Recent Investments
Since the start of 2022, Binance Labs has made a number of investments in blockchain and Web3 projects.
Last month, the venture capital firm invested in pSTAKE Finance, a liquid staking protocol developed by Persistence as part of move to bring more liquid staking into the BNB ecosystem.
In the past few months, the VC arm has also staked its money in Community Gaming’s $16 million Series A investment round; and in Aptos Labs, a Layer 1 blockchain built by some of the original creators of the Diem blockchain.
Binance Labs also previously invested in Ultiverse to enhance Metaverse offerings in the BNB chain ecosystem.
A Global Portfolio
Binance says it has invested in and incubated more than 100 projects from over 25 countries through its venture arm since 2018.
This portfolio covers projects such…
