Former executives at cryptocurrency exchange Binance have created a $100 million fund focused on blockchain investments.
The fund, called Old Fashion Research, was reportedly founded in late 2021 by former Binance vice president of mergers and acquisitions Ling Zhang and Wayne Fu, formerly head of corporate development at Binance. While at Binance, Zhang led the exchange’s acquisitions and investments in FTX, Multicoin Capital and CertiK.
The fund has not advertised its work since its founding, but it has already supported more than 50 blockchain projects, including the Woo Network trading platform, the NFT Genopets game and the ZetaChain smart contracts platform, created to interact with omni-channel networks.
We are very excited to come out of the shadows with our new foundation and help build the next generation of dApp Web 3.0,” Zhang said.
Our team has solid knowledge and extensive experience in M&A, investment and incubation due to our previous successful portfolio building on Binance.
The launch of the fund appears to be timely, as venture capital firms continue to raise huge sums for blockchain investments despite the sagging cryptocurrency market. On Wednesday, Andreessen Horowitz (a16z) announced a $4.5 billion fund to support cryptocurrency and blockchain startups.