Ex-Binance executives have raised $100 million (approximately Rs 776 crore) in funding, in order to boost the crypto and metaverse sectors. The name of this investment fund is “Old Fashion Research (OFR)”, which was established by Ling Zhang and Wayne Fu. During their tenure at the crypto exchange, Zhang and Fu served as the former Vice President of Mergers and Indictments as well as Head of Corporate Development, respectively at Binance.
The CoinDesk report, which focuses on ways to accumulate metaverse and crypto adoption, said the fund is backed by venture capital firms and angel investors.
According to OFR’s website, it has already invested in more than 50 projects working around blockchain technology. Some of the names listed on the site are Nansen, Woo, Nestcoin, Dtravel, Dropp and others.
“We invest in promising companies, teams, and ideas that have the potential to move the cryptocurrency ecosystem forward in a positive and meaningful way,” the website notes.
This fundraising start by Zhang and Fu is among many other similar investments that the cryptocurrency industry has ramped up lately, although it has suffered from a halt.
Earlier this week, venture capital giant Andreessen Horowitz aka a16z launched a new massive crypto fund of $4.5 billion (around Rs.34,912 crore). This was the company’s fourth fund of its kind, focused on digital assets, raising more than $7.6 billion (about Rs 58,964 crore) in total.
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.
After launching its largest fund of this type to date, crypto venture capital Dragonfly Capital has pledged $650 million (about Rs 4,975 crore) in funding, to bet on the cryptocurrency industry.
Industry experts have often said that institutional investments in the Web3 sector tend to keep investors’ confidence in the industry intact, especially during tough days.
In 2021 alone, crypto-related companies collectively raised more than $30 billion (about Rs 2,27,617 crore) from venture capital firms, making it the highest group to date. In 2018, the same figure was $8 billion (about Rs. 60,704 crore).