Binance Labs announces the closing of a new $500 million investment fund. The money will be used for the development of Web3, Blockchain and Value-Building Technologies.
Binance Labs, the venture capital and incubation arm of Binance, announces the closing of a new $500 million investment fund. The fundraising was carried out with the help of global investment companies such as DST Global Partners, Breyer Capital, and Whampoa Group. But, besides these giants, there were many smaller investors.
The collected funds will be spent on the development of projects that extends the use of cryptocurrencies and contributes to the adoption of Web3 and Blockchain.
“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.” — Changpeng Zhao ‘CZ’, Founder and CEO of Binance
Since 2018, Binance Labs has invested in and incubated more than 100 projects from over 25 countries. Its portfolio includes industry leading projects such as 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox, and STEPN.
In addition, Binance Labs has made a strategic investment in Pancakeswap’s utility and governance token- $CAKE, which was mentioned in Binance Blog on June 6.
PancakeSwap is a decentralized exchange built on BNB Chain. Launched in September 2020, PancakeSwap has grown to be the biggest dApp on BNB Chain with daily active users of over 400,000. Binance Labs’ investment in this project is one of the company’s steps towards the spread of Web3 technologies and the global implementation of blockchain.
“PancakeSwap has been leading the development and mass adoption of BNB Chain. Given that PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL on BNB Chain, we have and will continue to provide strong support for the project.” — Bill Qian, Head Binance Labs
In the background of a message from Binance Labs about investments in PancakeSwap, the price of the CAKE token jumped to $4.8, but soon returned to previous values.
Not only Binance Labs are investing in new crypto technologies. ConsenSys raises $450M series D funding, Helium receives $200M funding in series D. Even such classic investment funds such as Goldman Sachs participate in the development of crypto technologies.