Binance puts on a $ 500 million fund

Binance puts on a $ 500 million fund

The Risk capital and incubation arm of Binance announced on Wednesday that he was closed a new fund of $ 500 million, which is supported by the global institutional investors DST Global Partners and Breyer Capital

According to Binance Labs, the fund will invest in projects that expand the applications of cryptocurrencies and promote the introduction of web3 and blockchain technologies.

Several other large private equity funds, family offices and companies will also support the fund as limited partners, according to a message on Wednesday.

The crypto industry continues to experience large capital allocations, and Binance's latest fund is considerable, but not unusual. Last week the Risk capital giant Andreessen Horowitz put on a 4.5 billion dollar fund-the largest in the industry so far.

This fund, which is also intended for web3 startups, focuses heavily on the fusion of technologies such as machine learning, artificial intelligence and blockchain to achieve what some hope is the next evolution of the Internet.

"In a web3 environment, the connection between values, people and economies is of crucial importance," said Binance founder Changpeng "CZ" Zhao in a statement. "If these three elements come together to build an ecosystem, this will accelerate the mass acceptance of blockchain technology and crypto."

Like others in the industry, the company intends to invest $ 500 million in startups in three different phases: incubation, early stage venture and late-stage growth.

Binance Labs is well versed in the investment area and has put or supported money in more than 100 projects in 25 countries since its foundation in 2018. Injective, polygon, Optimism, The Sandbox and Stepn.

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The contribution Binance starts $ 500 million funds to advance the introduction of Web3 is not a financial advice.