Binance raises $500 mln for Web3-focused fund
Binance's Venture Capital arm has raised a $500 million fund to accelerate Blockchain, Web3, and value-building technologies
By Shashank Bhardwaj
Image: Shutterstock
In a release this week, Binance Labs announced the closing of a $500 million investment fund to boost the adoption of Web3 and blockchain technology and accelerate the investments. Leading Global Institutional Investors such as DST Global Partners, Breyer Capital, Whampoa Group, and other major equity funds and organisations came forward to support the fund.
Changpeng Zhao, the CEO and Founder of Binance, has said that this fund aims to “discover and support projects and founders with the potential” to build an ecosystem and lead Web3 across DeFi, NFTs, Metaverse, gaming, social and other platforms.
Binance Labs stated that the $500 million are “expected to be” allocated to projects across three different stages: incubation, early-stage venture, and late-stage growth.
Incubation investments aim to connect the projects with Binance’s resources, experts, and mentors to “drive successful product development and growth.” Early-stage venture investments aim to support all the sectors of Web3, including infrastructure, DeFi, NFTs, Metaverse, and more. The Late-stage growth investments aim to provide solid strategic plans to maturer companies.
So far, the Binance Labs has invested in more than 100 projects from 25+ countries, including some industry-leading projects such as 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox, and STEPN.
Binance’s Web3-focused investment fund follows the allocation model of a16z’s $4.5 billion Web3 funds. Of the $4.5 billion, approximately $1.5 billion is for seed investments, while the other $3 billion is for venture investments.
According to data provided by Dove Metrics, the total venture capital funding declined by 38 percent (from $6.83 billion in April to $4.22 billion). Dove Metrics predicts “VC investments will slow down for the remainder of the year” in a funding winter. The Co-founder of 10T Holdings, Per Stan Miroshnik, says now is the time for investors to buy as “valuations have come in and great companies are available at a more reasonable price.”
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

Crypto wallet users are warned as scammers might get active during the potential Ethereum hard fork
Read More..
Major financial institutions of Wall Street come together to set up digital assets exchange with on-chain settlement
Read More..
USDT goes live on NEAR Protocol, making it the 14th blockchain network to support Tether
Read More..
Ford is all set to make a grand entry into the Metaverse with virtual automobiles and NFTs
Read More..
UK advertising authority warns two former 'Love Island' contestants for crypto ads on Instagram stories
Read More..
Voyager Digital assets auction set for September 13 in Manhattan after company declares bankruptcy
Read More..
Data claims that trademark application for crypto, NFTs and Metaverse projects increase in 2022
Read More..
IMF states that crypto regulation needs to become a priority since crypto assets are now mainstream
Read More..
Arcane's expedition for repurposing Bitcoin mining heat can solve the global energy crisis
Read More..
CHZ, LDO and QNT made a bull run in the last 90 days, surpassing returns of top cap crypto assets
Read More..
New update means Facebook and Instagram users can post NFTs through linking their digital wallets
Read More..
Chinese Metaverse incoming! Beijing unveils intentions for two-year Metaverse innovation and development plan
Read More..
Uniswap reportedly looking at NFT financialisation and is talking to several lending protocols
Read More..
Uniswap Foundation gets green light after 99 percent of the community casts their vote in favour of the initiative
Read More..
Kenanga Bank and Ant Group partner up to revolutionise the digital investment management in Malaysia
Read More..
Crypto-aware parents and college graduates want their children to learn about crypto in schools
Read More..
Ready Player Me raises $56 mn in Series B led by a16z to expand its audience in the metaverse
Read More..
Crypto market at risk of a 20 percent drop to new yearly lows after breaking dreams of recovery
Read More..
A sharp increase in hacking this year leads to crypto security experts making $430k salaries
Read More..
SkyBridge Capital's Scaramucci believes that Bitcoin won't hedge inflation until it hits 1 bn wallets
Read More..
Fei Protocol founder proposes ghosting Tribe DAO following hack repayment while Beanstalk relaunches
Read More..
Hit and earn: Indian cricket fans can win as much as $500 a day playing cricket in the metaverse
Read More..
Czech prince William Rudolf Lobkowick is preserving heirlooms from his family's 700-year-old legacy using NFTs
Read More..
CryptoPunks' trading volume surges 1,847% after Tiffany & Co. launches exclusive NFT collection
Read More..
CoinDCX's India entity FY21 profit jumps nine-fold to Rs 4.36 crore, revenue rises to Rs 38.91 crore
Read More..
KuCoin raises $10M amidst the bear market; announces plan to support Indian Web 3 startups
Read More..
Crypto market stuck for now, but Bitcoin to make new all-time-highs within 24 months: Coinshares' CSO
Read More..
Mythical games enters a strategic partnership with NFL to launch play-and-own NFT video game
Read More..
CoinDCX offers an opportunity to its users to generate crypto yield on crypto assets through it's 'Earn feature'
Read More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange Coinberry
Read More..