The fund was raised by Binance Labs, a venture and incubation arm of Binance, the world’s largest crypto exchange.

Binance Labs announced today in a blog post a $500 million raise for its debut venture finance fund. The amount was subscribed by leading global institutional investors such as DST Global Partners and Breyer Capital. Other major private equity funds, family offices, and corporations also participated as limited partners.

The investment brief of the new VC fund includes enhancing the scope of cryptocurrencies and to advance the adoption of Web3 and blockchain technologies.

Web3

Web3 seems to be catching on in VC, with Andreessen Horowitz (a16z) last week raising $4.5 billion for its fourth VC fund focussing on startups in the crypto, or web3 space. Computing is now entering the golden era of web3, according to a16z, akin to the golden era of 2009-11, when companies like Uber, Venmo, Snap, and Instagram were started.

Changpeng Zhao ‘CZ’, Founder and CEO of Binance, 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 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 Web3 across DeFi, NFTs, gaming, Metaverse, social, and more.”

The new fund will be deployed in startups across the three stages of incubation, early-stage venture, and late-stage growth.

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