Binance Labs, the venture capital arm of Binance, just raised a $500 million fund to invest in Web3. The fund is part of the firm’s initiatives to drive Web3 adoption across DeFi, NFTs, GameFi, metaverse, and more. What’s more, the new fund will cater to projects at different stages of development. Read on to find out how!
What you need to know about Binance’s latest Web3 fund
To begin with, Binance’s latest Web3 fund is supported by institutional investors such as DST Global Partners and Breyer Capital. In essence, the fund will invest in Web3 projects that can extend the use cases of crypto. They are also looking for projects with the potential to drive Web3 adoption.
“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,” said Changpeng Zhao ‘CZ’, Founder and CEO of Binance.
What are the different stages of projects that the fund will invest in?
Given that, the Binance fund will invest in Web3 projects in 3 different stages. This ranges from incubation to early-stage venture, and late-stage growth companies.
At the incubation stage, Binance Labs will basically help connect these projects to the firm’s network of resources. In fact, this will take place regularly through Binance Labs’s own Incubation Program.
Next, for early-stage ventures, the Binance fund will invest in the form of token and equity investments across all sectors of crypto and Web3. As for late-stage growth investments, the firm will target more mature companies that are looking to transition into Web3.
Even with the bearish sentiment in crypto markets abroad, VCs are not slowing down at all when it comes to investing in Web3. Last month, another VC giant, a16z, launched a $600M fund to invest in Web3 games.
With the latest move by Binance, it looks like the whales are still bullish in this space. So anons, what do you think though? Is it time to be greedy?