Binance Labs has closed a $500 million funding round to raise capital that will be investing toward boosting blockchain, Web3, and value-building technologies.
Funds Raised For Web3, Blockchain Tech
This investment fundraising round conducted by Binance Labs drew in ample support from some of the most prominent global investors, like DST Global Partners and Breyer Capital. In addition, the fund also received contributions from other major private equity funds, family offices, and corporations that are subscribed to the fund as limited partners.
The team at Binance Labs is looking to invest the funds towards projects that work on developing more use cases for crypto. In addition, a portion of the funds will also be channeled towards projects that drive the adoption of Web3 and blockchain technologies.
The founder and CEO of Binance, Changpeng Zhao, noted,
“In a Web3 environment, the connection between values, people, and economies is essential, and if these three elements come together to build an ecosystem, that will accelerate the mass adoption of the blockchain technology and crypto. The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more.”
What Else Has Binance Labs Been Upto?
Binance Labs is the venture capital and incubation arm of Binance, which is the world’s largest crypto exchange. The organization has been razor-focused on supporting the development of the Web3 ecosystem by supporting up-and-coming projects and companies. Most recently, in May, Binance Labs announced the launch of the fourth iteration of its Incubation Program, which focuses on infrastructure, DeFi, gaming & metaverse, SocialFi & creator economy. The program received over 500 applications, vying for a spot. Out of 500, however, only 14 early-stage startups were selected to receive mentorship and guidance from industry leaders.
Other Developments In Binance Ecosystem
Another branch under the Binance ecosystem is Binance Staking, which, as the name suggests, is the exchange’s staking-focused program. It has recently joined the Neo Council, which has had only 21 members working on the governance collective to date. The Neo team believes that the integration will result in a healthy symbiotic relationship between their smart token economy and Binance’s network and product suite. They are also hoping that it will increase engagement across staking channels.
Finally, we come to the crypto exchange itself. In recent news, Binance announced its infrastructural integration with the Layer-2 Ethereum scaling solution, Optimism. This will allow the exchange to open deposits for ETH on Optimism Layer-2, with newly assigned ETH deposit addresses for its users.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.