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Binance Labs Secures 500M to Fund Web3 Development

Binance Labs, the venture capital arm of leading crypto exchange Binance, has closed a $500 million investment fund. Binance announced this news today, noting that the investment fund attracted renowned investors like DST Global Partners and Breyer Capital. Several unnamed equity funds, family offices, and corporations also participated in the fund as limited partners.

According to the announcement, the $500 million will go toward funding the expansion of the applications of cryptocurrencies. Additionally, Binance Labs aims to use the money to foster the adoption of the blockchain and Web3 technologies.

Specifically, the firm seeks to distribute the funds to projects in three stages. These are incubation, early-stage venture, and late-stage growth.

Commenting on this development, Binance founder and CEO Changpeng Zhao, commonly known as CZ, said:

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.

CZ added that the goal of the new fund is to discover and underpin Web3 projects and founders. Specifically, the company seeks to fund projects with the potential to build and lead Web3 development across various verticals. CZ mentioned sectors like decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs).

Championing Web3 Development

This news comes as Binance Labs continues to be a formidable force in developing the web3 ecosystem. Since 2018, the venture capital firm has incubated and invested in more than 100 projects from over 25 different countries. Examples include Audius, 1inch, Axie Infinity, Polygon, and STEPN, to mention a few.

Binance also announced plans to take a $500 million stake in Twitter to support Elon Musk in his bid to purchase the social giant. CZ said Binance hopes this investment would help bring social media and Web3 together and expand crypto and blockchain use.

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This news comes on the heels of the crypto market crashing and losing approximately $1 trillion from its capitalization since November 2021. At the time of writing, Bitcoin (BTC) is trading at $31,074.42 after losing 1.45% in the day. The altcoin market is also bleeding, with most top-10 altcoins losing between 0.43% to 6.29%.

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