Binance Labs, the investment arm of cryptocurrency exchange Binance, announced a new half-billion dollar fund focused on Web 3.0 projects.
According to the exchange, the money will be invested in projects that can expand the use of cryptocurrencies and promote Web 3.0 and blockchain technologies. Major investors such as Internet investment firm DST Global and global venture capital firm Breyer Capital are participating in the fund.
“In the Web 3.0 industry, the connection between people, their values and the economy is important. If these three elements come together to create a single ecosystem, it will accelerate the mass adoption of blockchain and digital currencies. The goal of this fund is to find and support projects and founders who can create and promote Web 3.0 in DeFi, gaming and NFT, as well as meta-universes, social networks and more,” said Changpeng Zhao, CEO of the exchange.
Since 2018, Binance Labs has funded and incubated more than 100 projects from more than 25 countries. The division’s portfolio includes Optimism, STEPN, Polygon, Axie Infinity, The Sandbox and others. The exchange division invests at three different levels: incubation, early support and late-stage growth.
Through incubation, Binance Labs aims to connect projects with a network of resources, experts and mentors to help them successfully develop and grow their product. Early support includes token and equity investments in all cryptocurrency and Web 3.0 sectors, including DeFi, NFT, GameFi and metaclasses. Late-stage growth includes investing in mature companies looking to scale.