Binance Labs Adds $500 Million to Crypto Fund That Will Support Crypto, Web3 Projects - world cultures

Binance Labs Adds $500 Million to Crypto Fund That Will Support Crypto, Web3 Projects

Binance Labs has completed a massive investment round by hoarding $500 million (approximately Rs 3,875 crore) for its Web3 Concentrated Fund Pool. A group of global institutional investors participated in this round, adding capital towards the future and progress of the Web3 industry. These include DST Global Partners, Breyer Capital, and The Whimpoa Group, among others. The money will fund Web3 and Crypto Starts in the incubation and growth stages. This development comes at a time when the crypto industry in general is experiencing a slow market movement.

Binance Global, the parent company of Binance Labs, has established itself among the world’s largest cryptocurrency exchanges since its launch in 2017.

Now, the platform wants to accelerate the use cases and adoption of Web3 elements including cryptocurrencies, non-fungible tokens (NFTs), as well as the metaverse via this funding that BinanceLabs collects cryptocurrenciesnon-fungibletokens(NFTs) aswellasthemetaverseviathisfundingbeingcollectedbyBinanceLabs[العملاتالمشفرة،الرموزغيرالقابلةللاستبدال(NFTs)،بالإضافةإلىmetaverseعبرهذاالتمويلالذيتجمعهBinanceLabs[cryptocurrenciesnon-fungibletokens(NFTs)aswellasthemetaverseviathisfundingbeingcollectedbyBinanceLabs

“The goal of the newly closed investment fund is to discover and support projects and founders that have the potential to build and lead Web3 across decentralized finance (DeFi), NFTs, games, metaverses, social networks, and more,” Binance CEO Chengpeng Zhao said in a blog post.

Since its founding in 2018, Binance Labs has already funded several Web3 projects that it deemed promising amid the current highly competitive industry climate.

Its portfolio includes industry-leading projects such as 1 Inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, Sandbox and STEPN.

Meanwhile, institutional investments in the web3 and cryptocurrency sectors are known to bring them back to life, especially when recession risks hamper their growth rates.

Venture capital giant Andreessen Horowitz (a16z) recently pledged $600 million (approximately Rs 4,661 crore) to accelerate research and development in the Web3 and NFT games industry. This fundraising name is “Games Fund One” and will focus on upgrading game studios and game infrastructure providers as well as consumer applications.

Adding to the list of massive investments, earlier this month, former Binance CEOs Ling Zhang and Wayne Fu raised $100 million (about Rs 776 crore) in funding, in order to boost the crypto and metaverse sectors.

In May, Dapper Labs unveiled an ecosystem fund of $725 million (about Rs 5,600 crore) to invest in applications and growth of a first-tier blockchain called Flow. The Web3 player runs NBA Top Shot, a popular blockchain-based trading card platform.

Earlier this year, crypto venture capital Dragonfly Capital pledged a fund of $650 million (about Rs 4,975 crore) and bet on the crypto industry, representing the largest fund of its kind to date.

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