Former Binance top managers Ling Zhang and Wayne Fu created the Old Fashion Research multi-strategy fund for $100 million. Structure withfocusing on the metaverse will also promote digital assets in emerging economies.
Ling Zhang previously served as vice president ofinvestments, as well as mergers and acquisitions of Binance. He was behind the collaboration with FTX, WazirX, Swipe.io, Multicoin Capital, Tokocrypto, Chiliz and Certik. Wayne Fu worked as the head of corporate development for a bitcoin exchange.
The structure is supported by Jiang "JX" Xin. He led Binance Labs and Launchpad's investments in Axie Infinity, Moonbeam, Alpha Finance and other projects.
Former Bitcoin CFO Wei Zhou will act as a strategic advisor to the fund.
Old Fashion Research was backed by unnamed venture capital funds, family offices and business angels. The WEMIX gaming platform team played a key role.
The fund's portfolio includes more than 50blockchain projects including Nansen, WOO Network and African gaming community Metaverse Magna. The structure is diversified both by region and by blockchain projects.
Old Fashion Research supports startups onthroughout the entire life cycle “thanks to the accumulated competencies in the areas of M&A, investments and incubation while building a successful portfolio at Binance.”
Recall that Andreessen Horowitz launched a $600 million fund with a focus on “game infrastructure and metaverse technologies.”
Epic Games has previously raised $2 billion for the development of the metaverse
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