The venture capital and innovation incubator of Binance, named “Binance Labs” has raised $500 million for its first start-up fund and will invest into entities part of the Web3 (web 3.0) ecosystem.
According to Binance’s recent post on their blog, the fund aims to invest in projects that expand the use cases of digital assets as well as further the adoption and innovation of Web 3.0 technologies. The fund will invest in virtual assets that are in three different stages of their existence: incubation, early-stage venture, and late-stage growth.
“With incubation, Binance Labs aims to connect projects with Binance’s network of resources, experts, and mentors to help them drive successful product development and growth. Binance Labs runs its Incubation Program regularly and is currently supporting its fourth cohort.
Early-stage venture investments include token and equity investments across all sectors of cryptocurrency and Web 3.0, including infrastructure, DeFi [decentralized finance], NFTs [non-fungible tokens], gaming, Metaverse, social, and crypto adoption platforms.
Late-state growth investments target more mature companies looking to scale or bridge into the Web 3.0 ecosystem with the Binane ecosystem as a solid strategic partner.”
As stated by the Binance CEO Changpeng Zhao,
“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.
Binance crypto investments
Binance has invested in many crypto related projects over the last 4 years. Some of the more notable and popular projects include Polygon (MATIC), The Sandbox metaverse (SAND), a move-to-earn crypto application named STEPN (GMT) and the Axie Infinity (AXS) game.