Binance secures $500M to launch VC fund

• 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.