Binance Labs, the investing arm of the world’s largest crypto exchange, announced the launch of a new $500 million fund today. The $500 million will be invested in Web3 projects, according to a statement released by the exchange on Wednesday.
DST Global, an Internet investment organization, and Breyer Capital, a global venture capital firm, are both investors in the fund.
The money will be sued for “projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3 and blockchain technologies.”
CZ, the CEO, and founder of Binance stated: “In a Web3 environment, the connection between values, people, and economies is essential. If these three elements come together to build an ecosystem, that will accelerate the mass adoption of the blockchain technology and crypto. 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.”