Binance Launches $500M Fund for Web3 Development

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Binance Labs, the investment arm of cryptocurrency exchange Binance, has announced the creation of a new half-billion-dollar fund focused on Web3 projects.

According to the exchange's statement, the money will be invested in projects that will be able toexpand the use of cryptocurrency and promote the adoption of Web3 and blockchain technologies.Major investors such as the Internet investment company DST Global and the global venture capital company Breyer Capital participate in the fund.

"In the Web3 industry, the connection between people, their values, and the economy is of great importance.If these three elements combine to create a single ecosystem, it will accelerateThe goal of this fund is to find and support projects and founders capable of creating and promoting Web3 in DeFi, gaming, and NFTs, as well as in metaverses, social media, and more," the CEO saidChangpeng Zhao Stock Exchange.

Since 2018, Binance Labs has funded and incubated more than 100 projects from more than 25 countries.The division's portfolio includes companies such as Optimism, STEPN, Polygon, Axie Infinity, The Sandbox, and others.The exchange's division invests at three different levels: incubation, early support, and late growth.

Through incubation, Binance Labs aims toconnect projects with a network of resources, experts and mentors to help them successfully design and grow their product. Early support includes investments in tokens and stocks across all cryptocurrency and Web3 sectors, including DeFi, NFTs, GameFi and metaverses. Late-stage growth involves investing in mature companies looking to scale.

Previously, the exchange became the main sponsor of the Binance Blockchain and Cryptocurrency Awareness Tour (BCAT). The site’s specialists plan to share knowledge about cryptocurrencies with young Africans.