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Binance Creates $500M Fund Intended for Web3 Investments -Breaking

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Web3 Investments: Binance Launches a $500M Fund
    • Binance raises $500m for Web3 startups
    • DST Global and Breyer capital partnered to make the venture capital fund possible.
    • Andreessen Horowitz (a16z), raised $4.5 million last month to support crypto- and blockchain startups.

Binance raised $500 Million to boost its investment in Web3 startups.

According to an article by CNBC, this initiative will become the formal announcement of the company’s venture capital fund via Binance Labs in partnership with DST Global and Breyer Capital.

Web3 Startups will receive $500 Million. This fund was created to take advantage of the bear market and search for potential unicorn hopefuls.

Ken Li, Binance Labs Executive Director of Investments and M&A, stressed that there is very little change in early-stage private markets, although the number of startups achieving the unicorn status – that is, those with a $1 billion valuation – is “slowing down a bit.” Li added:

We are seeking projects which can help drive the Web3 community’s growth.

Binance believes that Web3 developers currently number between 300,000. and 500,000. There are many of them scattered across various crypto sub-sectors like infrastructure, non-fungible tokens (NFTs), as well decentralized autonomous organisations (DAOs), just to name a few.

Another story: Andreessen Horowitz, a Silicon Valley venture capital company (a16z), raised an astonishing $4.5 billion to create a crypto fund. Like Binance’s initiative, this investment fund aims to support crypto and blockchain startups. The amount this time raised is also at least twice the sum that was mentioned six months back in an investment attempt.

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