Binance Labs closes $500m investment fund to back projects that can expand crypto use cases

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Published: 2022-06-10
Binance Labs has completed the closing of a $500 million <strong>investment</strong> fund to support ideas that might broaden <strong>cryptocurrency</strong> use cases.

Binance Labs, the venture capital and incubation arm of the United States-based cryptocurrency exchange Binance, has successfully closed a US$500 million investment fund. The fund will be used to back projects that can expand crypto use cases and drive the adoption of Web 3 and blockchain technologies.

Since 2018, Binance Labs has invested in and incubated over one hundred projects originating from over twenty-five different countries. Some of these ventures are African businesses, such as Bundle and Xend Finance. 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox, and STEPN are just a few of the industry-leading projects that are included in its portfolio.

The newly established Binance Labs fund has received backing from some of the most prominent worldwide institutional investors, including DST Global Partners, Breyer Capital, and Whampoa Group. As limited partners, other significant private equity funds, family offices, and businesses were also able to subscribe to the fund.

It will invest in companies that may broaden the use cases of cryptocurrencies and drive the adoption of Web3 and blockchain technologies. Additionally, it will invest in businesses at three different stages: the incubation stage, the early stage venture stage, and the late stage growth stage.

"In a Web3 environment, the connection between values, people, and economies is crucial, and if these three aspects come together to establish an ecosystem, that will expedite the broad adoption of the blockchain technology and cryptocurrency. " According to Changpeng Zhao, the founder and CEO of Binance, the objective of the recently closed investment fund is to "find and promote companies and creators with the potential to build and to lead Web3 spanning DeFi, NFTs, gaming, Metaverse, social, and more."