- Binance’s Binance Labs venture arm raised $500 million for its debut startup fund. These are the details.
Binance – the largest cryptocurrency exchange – is launching its own venture capital fund. The venture arm, which is known as called Binance Labs, raised $500 million for the debut startup fund.
The backing was from venture firms DST Global and Breyer Capital as well as unnamed family offices and corporations. And Binance Labs plans to use the capital for investing in companies focused on Web3.
Web3 is a term used for companies that are working on an INternet that is more decentralized than other online platforms, many of which integrate blockchains. The investments will be split into pre-seed, early-stage, and growth equity.
Binance Labs has invested in media giant Forbes and Sky Mavis – which is the company that developed the nonfungible token game Axie Infinity. Plus Binance is planning to buy a $500 million stake in Twitter – which would be in support of Elon Musk’s bid for the social media company.
Binance was launched in 2017 by Changpeng Zhao.