Binance Labs closed a $500 million fundraising round to secure capital that will be invested into Web3, blockchain, and value-building technology. The investment will be directed towards projects that work on developing more use cases for crypto by the team at Binance Labs. This fundraising round was supported by some of the leading global investors such as DST Global Partners and Breyer Capital. The funds also received contributions from top private equity funds, corporations, and family offices, which subscribed to the funds as limited partners.
The CEO, who is also the founder of Binance, Changpeng Zhao, said, “In a Web3 environment, the connection between values, people, and economies is essential, and if these three elements come together to build an ecosystem, that will accelerate the mass adoption of blockchain technology and crypto. The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more.”
Binance, the world’s largest cryptocurrency exchange, has been razor-focused on supporting up-and-coming projects and companies. Recently in May, Binance Labs announced the launch of its
Incubation Program, which focuses on DeFi, infrastructure, gaming, Metaverse, SocialFi, and creator economy. Out of the over 500 applicants who applied for a spot in the program, only 14 early-stage startups were selected. Those selected will receive guidance and mentorship from leaders in the crypto industry.
Besides the Incubation Program, Binance has been busy as it recently launched its staking-focused program, Binance Staking. Binance Staking, after launching, joined the Neo Council, which has had only 21 members working on the governance collective to date. With Binance’s involvement, the Neo team believes that the integration will result in a healthy relationship and hopes that the partnership will foster more engagement across various staking channels.
Binance also announced its infrastructural integration with Layer-2 Ethereum scaling solution, Optimism. In this recent news, the exchange will now be able to open deposits for ETH on Optimism Layer 2, where new ETH addresses will be assigned to the users.
Featured Image: DepositPhotos © NadaK2