Binance labs announced $500 Million worth of Fund for web3 Projects
The investment venture arm of the world’s largest cryptocurrency exchange, Binance Labs is launching its own venture capital fund. In a Wednesday statement, the exchange announced that $500 million funds would be invested in Web3 projects.
The company said it has raised $500 million for its debut start-up fund investment. Internet investment capital firm DST Global and global venture capital firm Breyer Capital are both involved in participating in the investment for this fund along with unnamed family offices and corporations. According to Binance, money will be used in projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3 and blockchain technologies. In three different stages, the fund will be used which are incubation, early-stage venture, and late-stage growth. This also includes tokens and shares that will drive the growth of the Web3 ecosystem. After Andreessen Horowitz announced $4.5 billion in funds to invest in crypto start-ups last week, this step was taken.
To support Elon Musk’s bid to buy and bring social media and Web3 together, the company is intending to acquire a $500 million stake in Twitter. As a result of plunging shares and the collapse of the stablecoin TerraUSD, Binance’s investment initiatives reflect a possible turning point in the crypto market.Read More….