Binance Raised $500 Million to Invest in Web3 Startups
Binance, the world’s largest cryptocurrency exchange, has raised $500 million for its debut venture capital fund.
3 June 2022
Binance Labs plans to use the capital to invest in companies building “Web3.” Though still an ill-defined term, Web3 loosely refers to a hypothetical future iteration of the internet that’s more decentralized than online platforms today and incorporates blockchain, the shared digital ledgers behind most major cryptocurrencies.
Ken Li, Binance Labs’ executive director of investments and M&A, told CNBC that they hope to capitalize on the recent plunge in digital assets to find founders building what it sees as the next big thing in tech. Its bets will be split into pre-seed, early-stage and growth equity, and the fund will invest in tokens as well as shares.
“We are looking for projects with the potential to drive the growth of the Web3 ecosystem,” Li said.
Read more: Binance raises $500 million fund to invest in ‘Web3’ as crypto slides into bear market by Ryan Browne