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Cryptocurrency exchange Binance’s venture capital arm, Binance Labs, has successfully raised $500 million to launch a fund that will invest in Web 3 and blockchain businesses.
According to a blog post on Wednesday, the funding round included participation from DST Global Partners, Breyer Capital, Whampoa Group and other private equity funds.
Investments will be made in companies across different stages of their business life cycle: incubation, early-stage venture and late-stage growth.
Binance CEO Changpeng “CZ” Zhao said:
“The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web 3 across DeFi, NFTs, gaming, Metaverse, social, and more.”
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The fund will make investments across companies in three stages: incubation, early-stage venture and late-stage growth.
Last week Andreessen Horowitz (a16z) raised whopping $4.5 billion thereby displaying its immense confidence in the crypto industry.