Binance Labs, a department of the cryptocurrency exchange Binance, has raised $500 million in blockchain startups and Web3 projects.
The trading platform received funding from large investment firms DST Global Partners and Breyer Capital, owners of equity funds and corporations. They have partnered with the Binance fund and will receive dividends from the exchange.
The purpose of the new investment fund is to seek out and support projects and their founders that develop Web3 projects in the areas of DeFi, NFT, games, meta universes, social networks and others,” said Binance SEO Changpen Zhao.
Since 2018, Binance Labs has invested in more than 100 startups from more than 25 different countries. Specifically, the firm has invested in the creation of the game Axie Infinity, aggregator DeFi and decentralized exchanges 1inch, and streaming platform Audius.
The Binance fund will support firms at different stages of development from start-up to late-stage growth. Preference will be given to projects that contribute to the popularization of cryptocurrencies and blockchain technology.