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Binance is launching a $500 million fund to accelerate Web3 adoption
Binance Labs' latest fund joins venture capital giant Andreessen Horowitz to pour capital into Web3 startups Binance said it plans to allocate the $500 million to projects at three stages of a startup's lifecycle, including incubation, early-stage venture and late-stage growth Binance's venture capital and incubation arm announced on Wednesday that it is raising a new $500 million fund US dollar, backed by global institutional investors DST Global Partners and Breyer Capital. According to Binance Labs, the fund will invest in projects that expand the use cases of cryptocurrencies and support the adoption of Web3 and…
Binance is launching a $500 million fund to accelerate Web3 adoption
- Der neueste Fonds von Binance Labs schließt sich dem Risikokapitalgiganten Andreessen Horowitz an, um Kapital in Web3-Startups zu fließen
- Binance sagte, es beabsichtige, die 500 Millionen US-Dollar für Projekte in drei Phasen des Lebenszyklus eines Startups bereitzustellen, darunter Inkubation, Early-Stage-Venture und Late-Stage-Wachstum
Binance's venture capital and incubation arm announced Wednesday that it has closed a new $500 million fund backed by global institutional investors DST Global Partners and Breyer Capital.
According to Binance Labs, the fund will invest in projects that can expand the use cases of cryptocurrencies and advance the adoption of Web3 and blockchain technologies.
Several other large private equity funds, family offices and corporations will also support the fund as limited partners, according to a statement Wednesday.
The crypto industry continues to see large capital allocations, and Binance's latest fund, while sizeable, is not unusual. Last week, venture capital giant Andreessen Horowitz launched a $4.5 billion fund, the industry's largest to date.
This fund, which also targets Web3 startups, bets heavily on merging technologies such as machine learning, artificial intelligence and blockchain to achieve what some hope is the next evolutionary stage of the Internet.
“In a Web3 environment, the connection between values, people and economies is critical,” Binance founder Changpeng “CZ” Zhao said in a statement. “When these three elements come together to build an ecosystem, it will accelerate the mass adoption of blockchain technology and crypto.”
Like others in the industry, the company intends to invest the $500 million in startups at three different stages: incubation, early-stage venture and late-stage growth.
Binance Labs is well-versed in the investment space and has invested or supported more than 100 projects in 25 countries since its founding in 2018. Injective, Polygon, Optimism, The Sandbox and STEPN.
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The post Binance launches $500M fund to drive Web3 adoption is not financial advice.