Binance VC arm closes $500m fund for Web3 projects

Binance Labs, the VC arm of crypto trading firm Binance, has secured US$500 million for its investment fund from investors including DST Global Partners, Breyer Capital, other private equity funds, family offices, and limited-partner corporations.

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The funds will be injected into projects that support use cases of cryptocurrency, Web3, and blockchain tech.

Specializing in incubation, early-stage venture funding, and late-stage growth firms, Binance Labs has invested in over 100 projects, spanning 25 countries, since 2018. Axie Infinity, Elrond, Polygon, and The Sandbox are among the many large-scale projects in its portfolio.

“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 the blockchain technology and crypto,” said Changpeng Zhao, founder and CEO of Binance.

“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.”

Founded by Zhao in 2017, Binance is currently the world’s largest digital currency exchange by volume.

The cryptocurrency market is projected to hit US$2.8 billion in terms of revenue by 2028.

See also: The tech mogul backing Binance’s Malaysia breakthrough