Binance Labs secures $500m for blockchain and Web 3.0 startups
The fund will help Binance back innovative startups and drive the mass adoption of Web3 firms
Binance Labs, the venture capital arm of Binance, has closed a $500m investment fund to back projects that will accelerate the use of cryptocurrencies and drive the adoption of Web 3.0 and blockchain technologies.
The fund, which is supported by institutional investors including DST Global Partners, Breyer Capital, and Whampoa Group, as well as other private equity funds and corporations, will focus on three key sectors: incubation, early-stage venture, and late-stage growth.
Binance Labs confirmed the fund via a blog post, stating that the capital will help the firm connect projects with Binance’s network of resources and experts and help drive successful product development and growth.
The team also took to Twitter to confirm the news, stating its goal was simple: “find promising builders and give them the capital and holistic support to fuel their growth.”
Just days after announcing the venture fund, Binance Labs confirmed that it was leading its first strategic investment in PancakeSwap, a decentralised exchange built on the BNB Chain, to help grow PancakeSwap’s utility and governance token, $CAKE.
After the announcement, $CAKE traded around 9% higher throughout the day on Monday, reaching $4.78.
Accelerating mass adoption of crypto
Changpeng Zhao, founder and CEO of Binance said, “In a Web 3.0 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 the 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 Web 3.0 across DeFi, NFTs, gaming, metaverse, social and more.”