Binance’s investment arm sets aside $500 million fund to focus on web 3 . companies
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Answer Binance’s investment arm sets aside $500 million fund to focus on web 3 . companies
The venture capital and innovation suite “Binance Labs” raised $500 million for the first investment fund directed to invest in entities and companies specialized in the Web 3 ecosystem.
Investing in Web 3:
The new investment fund was led by US venture capital firms DST Global and Breyer Capital.
Other undisclosed family offices and businesses were also involved in the investment.
Binance Labs’ main objective is to direct capital to companies building the Web3 ecosystem.
The investment fund intends to do this through three phases, namely:
- nursery school;
- early stage.
- Late growth.
Web 3 is described as the new iteration of the internet that will be based on blockchain technology.Read:Paypal, MasterCard and Visa leave Russia and suspend their services in light of the ongoing war
Ken Lee, CEO of Binance Labs, noted that the number of Web 3 developers has recently increased from 300,000 to 500,000.
He explained that the Web 3 space is particularly interesting for his company because it is in its early days and could become the next big thing. The same spokesperson added:
Projects involving Web3 include non-fungible tokens and Decentralized Autonomous Organizations (DAOs).
We are looking for projects that have the potential to drive the growth of the Web3 ecosystem.
Lee added that startups worth more than $1 billion are showing signs of slowing down a bit.
This is not the case with Web 3 companies.
As the CEO of “Binance Labs” confirmed by saying:
Binance Labs always does their due diligence and has a strong conviction in their investment strategy.
It also understands the risks of investing in institutions that are still in their early days.
We know that investing in the early stages has risks.
The industry is still young and still younger.
It is worth noting that Binance Labs has a rich investment portfolio.Read:Tron Foundation bids farewell to its founder… Find out where “Justin Sun” will go?
Over the years, it has put money to invest in business magazine Forbes, Sky Mavis, the company behind Axie Infinity and many more.
The success of “Binance Labs”:
Recently, Chase Guo, Investment Director of Binance Labs stated that the company has incubated more than 100 projects in more than 25 countries since its inception in 2018.Read:The price of Ethereum continues to rise and rise above its previous peak… So what is fueling this rise?
He explained that before investing, Binance Labs always explores the fundamentals of organizations, their teams, and their vision for the future, adding:
We provide full support for all projects, from day-to-day operational advice to integrations with the Binance ecosystem.
We guide our portfolio companies through various products, including “NFT IGO”, “Binance Launchpad”, “Launchpool”…
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