Binance Labs, the venture capital arm of the Binance cryptocurrency platform, has raised $500 million to invest in Web3 and blockchain developer companies. According to the post on Binance Blog, Breyer Capital, DST Global Partners and Whampoa Group have participated in the capital increase. Binance CEO CZ said the purpose of the new mutual fund is to support projects and founders that have the potential to create and manage the metaverse, NFTs, Web3, DeFi, P2E games, social media and more.
The fund will invest in companies in the incubation, early stage entrepreneurship and late stage growth stages.