Binance Labs has pulled the sum of $500 million to support Web3 projects and other blockchain companies. Binance Labs is the venture capital arm of popular cryptocurrency exchange, Binance.
According to a blog post on Wednesday, the company noted that DST Global Partners, Breyer Capital, Whampoa Group and several private equity funds all participated in the fund raising.
Expressing his views, Changpeng Zhao, the CEO of Binance said, “The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web 3 across DeFi, NFTs, gaming, Metaverse, social, and more.”
The $500 million will be invested in projects in three stages including incubation, early-stage venture, and late-stage growth.
With the cryptocurrency market capitalization standing at $1.3 trillion (a 55% drop from $2.9 trillion in November), Binance Labs’ fundraising is the latest to be pulled by venture capitalists.
Last week, Andreessen Horowitz (a16z) raised $4.5 billion to boost confidence in the market following the recent downturn triggered by the LUNA and UST crash.