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• Binance Labs plans to use the capital to invest in companies building Web3
Cryptocurrency exchange Binance is launching its venture capital fund. The company’s venture arm, Binance Labs, said Wednesday it has raised $500 million for its debut start-up fund.
The company said, in a blog post, that it has successfully secured backing from venture capital firms DST Global and Breyer Capital as well as unnamed family offices and corporations.
Binance Labs plans to use the capital to invest in companies building “Web3”, which loosely refers to a hypothetical future iteration of a decentralized internet with blockchain.
“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 ‘CZ’, Founder and CEO of Binance.
Source - Binance
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