Binance Labs Launches $500M Crypto Startup Fund

Binance Labs Launches Crypto Startup Funding Fund. $500 million to help startups and up-and-coming project managers.

Binance Labs, the holding company responsible for Binance, the world’s largest cryptocurrency exchange, announces the launch of a new $500 million funding fund to encourage the development of startups in the world of cryptocurrencies.

Binance Labs Launches Crypto Startup Funding Fund

$500 million to be used to democratize web3 and blockchain technologies. This fund represents Binance’s first venture with outside capital, including from DST Global Partners, Breyer Capital, and a number of other private equity funds.

According to the official announcement, this new fund will invest in crypto startups in three phases: incubation, early development and late growth. For projects in the incubation stage, Binance Labs will share its network of resources, experts, and mentors. At an early stage, it will provide tokens in particular, and at an advanced stage, it will be about offering a strategic partnership.

$500 million to help startups and promising project leaders

To Binance Founder and CEO Changpeng Zhao: “In the web3 environment, the connection between values, people, and the economy is essential, and if these three elements can come together to create an ecosystem, it will accelerate the adoption of blockchain and crypto technologies. The goal of this new investment fund is to find and support projects and founders that have the potential to build and operate the network3, whether through DeFi, NFT, gaming, the metaverse, social media, etc.”

Binance’s announcement comes a week after the launch of investment giant Andreessen Horwitz’s fourth fund, with a $4.5 billion commitment. With values ​​that have been falling for nearly seven months in a row and a horizon that does not appear to be softer, crypto startups continue to raise capital. In April, for example, The Sandbox metaverse, USDC-powered Circle, and the NEAR blockchain each raised at least $1.15 billion, indicating that investors see many lucrative investment opportunities in this market.

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