Binance’s venture capital arm has raised funds for blockchain and Web3 investments
Binance Labs, the venture capital arm of cryptocurrency exchange Binance, said Wednesday it had raised $500 million for its investment fund targeting companies involved in the blockchain and web3 spaces.
The fund is backed by investment firms DST Global Partners, Breyer Capital and Whampoa Group, as well as other private equity firms and family offices, the company said.
Web3 is a somewhat vague term for a utopian version of the internet that is decentralized and based on blockchain technology for digital archiving, which also powers the platforms on which cryptocurrencies such as bitcoin and ether run.
Despite the decline in cryptocurrencies prices, major institutional investors have been trying to get more involved in the space, with venture capital giant Andreessen Horowitz raising billions for its crypto-focused funds.
Interest in cryptocurrencies has spilled over to blockchain and Web3, with high-profile investment firms such as Silver Lake and SoftBank also betting on the sector.
