Binance Labs Raises $500M Fund for Web 3, Blockchain Investments

Binance Labs, the venture capital arm of cryptocurrency exchange Binance, has raised $500 million to establish a fund that will invest in Web 3 and blockchain companies.

DST Global Partners, Breyer Capital, Whampoa Group and other private equity funds all participated in the raise, according to a blog post on Wednesday.
"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,” Binance CEO Changpeng "CZ" Zhao said.
The fund will make investments across companies in three stages: incubation, early-stage venture and late-stage growth.
Binance Labs' fund is the latest in a string of recently established crypto funds by venture capitalists, with Andreessen Horowitz (a16z) raising $4.5 billion last week to demonstrate confidence in the market in spite of the recent downturn.
The entire market cap for cryptocurrencies is at $1.3 trillion, a 55% drop since November when it was at $2.9 trillion.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.