The new fund will invest in projects that aim to extend the use cases of cryptocurrencies and increase the adoption of Web3 and blockchain technology.
“The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more,” said Changpeng Zhao, founder and CEO of Binance.
Launched in 2018, Binance Labs has incubated over 100 crypto projects from more than 25 countries. Its portfolio includes popular projects like Polygon, Sandbox, Axie Infinity and Dune Analytics, among others.
The fund investments in companies at three stages:
- Incubation: Binance includes projects in its incubation programme and helps grow.
- Early-stage: These comprise token and equity investments in sectors like De-Fi, NFTs, metaverse, blockchain and crypto.
- Late-stage: Binance also invests mature companies looking to increase adoption of Web3 and blockchain.
The new fund announced will be used to deploy capital across all three stages, the company said.
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