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Binance raised $500 million to invest in Web3 startups

Binance raised $500 million to invest in Web3 startups

Binance's crypto exchange venture arm, Binance Labs, has raised $500 million for its first fund. 

As reported by CNBC, DST Global, Breyer Capital, and unrevealed family offices and corporations invested in the fund.

Binance Labs Executive Director for Investments, Mergers, and Acquisitions Ken Li said that Binance Labs wants to capitalize on the recent collapse of the cryptocurrency market. It is still unclear what exactly the criteria for investment will be. However, Li pointed out that the company is ready to invest not only in shares of companies but also in project tokens.

Earlier, Binance Labs had already made a series of high-profile investments, investing in Forbes and Sky Mavis, the developers of Axie Infinity. The venture capital firm was also an investor in Terraform Labs, the startup behind the failed Terra ecosystem.

Recall that at the beginning of May, the cryptocurrency exchange financed a $500 million deal for Elon Musk to buy Twitter. Investment terms remain unknown, but Binance was not the only sponsor to support Musk. For example, Fidelity (more than $300 million), the Sequoia Capital fund ($800 million), and others participated in the investment round.

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