$500M Funding from Binance Labs for Web3 Startups

Binance Labs, the venture arm of Binance, one of the world's largest cryptocurrency exchanges, has raised $500M funding.

$500M Funding from Binance Labs for Web3 Startups. Binance Labs, the venture arm of the cryptocurrency exchange Binance, which accelerated its licensing operations and renewed its image after the troubles with the regulators last year, announced that it has collected $500 million in funds for Web3 initiatives. In the statement made by Binance Labs, it was announced that private equity companies, including DST Global Partners, Breyer Capital and Whampoa Group, provided funds. It was stated that the fund will be invested in newly established companies working in the field of Web3 and Blockchain. It has also been discovered that the growth of these companies will also be supported. Making statements about the fund, Binance CEO Changpeng Zhao stated that their goal is to discover new talents and companies and support them. “We are looking for projects that have the potential to drive the growth of the Web3 ecosystem,” said Ken Li, Binance Labs Managing Director of investment and M&A.       Source: Hardware News