Former senior officials from Binance, the world’s largest cryptocurrency exchange, recently announced the launch of a $100 investment fund dedicated to Web 3.0 and blockchain initiatives.
The fund, which has been in stealth mode since its launch last year, will help construct the next generation of Web 3.0 dApps, according to the founders.
The $100 million fund, branded Old Fashion Research (OFR), was created in late 2021 as a multi-strategy blockchain investment vehicle. It will assist accelerate crypto acceptance in many emerging economies by focusing on the metaverse.
OFR has mostly worked in the shadows since its inception. Despite this, the fund has already invested in over 50 blockchain businesses and created a portfolio that spans blockchain ecosystems and geographic markets.
It has also backed a number of cutting-edge projects aimed at expanding blockchain liquidity and interoperability in the metaverse. WOO Network, Genopets, Metaverse Magna (MVM), ZetaChain, and other projects are among them.
Ling Zhang, the former vice president of M&A and Investments at Binance, and Wayne Fu, the former head of corporate development at the crypto exchange, are leading the fund. FTX, WazirX, Multicoin Capital, Chiliz, and CertiK were among the company’s most successful acquisitions and strategic investments when Zhang was at Binance.
Zhang declared: “We’re very excited to come out of stealth with our new fund and help build the next generation of Web 3.0 dApps. The OFR team has established solid knowledge and a wide range of experience across M&A, investment, and incubation from our previous successful portfolio building at Binance. Deep down, we are a group of passionate builders, and we are keen to seek founders who share the same long-term vision and passion for the crypto industry, and we are determined to grow with them together.”
The fund is backed by a number of limited partners, traditional VC funds, family offices, and angel investors from both inside and beyond the crypto industry, with WEMIX leading the investment.
Wei Zhou, the former CFO of Binance, will serve as OFR’s strategic adviser and investor, according to the press announcement. Jiang Xin, who led Binance Labs’ and Launchpad’s big investment agreements, including Axie Infinity, Moonbeam, Alpha Finance, and others, will also support the fund’s venture arm.