Binance Launches $500M Fund for Web3 Development

Binance Labs, the investment arm of the Binance cryptocurrency exchange, has announced the creation of a new half-billion dollar fund focused on Web3 projects. According to the exchange, the money will be invested in projects that can expand the use of cryptocurrencies and promote the adoption of Web3 and blockchain technologies. The fund includes such large investors as the Internet investment company DST Global and the global venture capital company Breyer Capital.

“In the Web3 industry, the connection between people, their values and the economy is very important. If these three elements come together to create a single ecosystem, it will accelerate the mass adoption of blockchain and digital currencies. The purpose of this fund is to find and support projects and founders capable of creating and promoting Web3 in DeFi, games and NFTs, as well as in the metaverse, social networks and more,” said Changpeng Zhao, CEO of the exchange.

Since 2018, Binance Labs has funded and incubated over 100 projects from over 25 countries. The division’s portfolio includes companies such as Optimism, STEPN, Polygon, Axie Infinity, The Sandbox and others. The exchange division invests at three different levels: incubation, early support and late growth. Through incubation, Binance Labs seeks to connect projects with a network of resources, experts, and mentors to help them successfully design and grow their product. Early support includes investments in tokens and equities across all cryptocurrency and Web3 sectors, including DeFi, NFT, GameFi, and the Metaverse. The later stages of growth include investing in mature companies looking to scale. The exchange previously became the main sponsor of the Binance Blockchain and Cryptocurrency Awareness (BCAT) tour. The site specialists plan to share their knowledge about cryptocurrencies with young Africans.

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