The $500 million funding saw participation from venture capital firms such as DST Global Partners, Breyer Capital, and Whampoa Group.
Accelerating Web3 Adoption
As per the announcement, the new fund will be used to support projects that aim to advance the adoption of cryptocurrencies including web3 and blockchain technologies.
Crypto projects that are still in development stage, early-stage ventures, and late-stage growth are eligible to apply for funding, the company said.
Speaking of the new fund, Changpeng Zhao (CZ), the CEO of Binance, stated that the aim of the fund is to support projects with great potential to accelerate the growth of web3 across the world of decentralized finance (DeFi) and metaverse.
“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,” he said.
Binance Labs Crypto Support
Since its launch in 2018, Binance Labs has supported a long list of projects across the globe. The venture capital firm has invested in many businesses at various levels of development including core industry projects like Axie Infinity, Polygon, Sandbox, STEPN, and others.
Last year, the company launched season three of its incubation program, which was used to support young projects with growth potential after previously concluding their season one and two with great results.
Binance Labs also kick-started its season four incubator program earlier in March 2022 for projects with a promising future.
More Crypto Funding
The cryptocurrency industry has received massive support from venture capital firms in the past few years.
Just recently, Andreessen Horowitz (a16z) closed $4.5 billion investment funding focused on the advancement of web3 applications.
In April, Ox Labs, a blockchain-based crypto infrastructure provider received $70 million in a Series B funding round to push its business offerings across the globe.
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