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Binance’s venture capital arm raises $500 million fund to invest in Web3, blockchain -Breaking


© Reuters. FILEPHOTO: This illustration, taken on July 13, 2021, shows the Biance App running on a smartphone. REUTERS/Dado Ruvic/Illustration

(Reuters) – Binance Labs a venture capital arm of crypto exchange Binance announced on Wednesday that 500 million dollars had been raised for its investment fund. This fund is focused on blockchain companies and Web3 businesses.

The fund is supported by investment firms DST Global Partners (NYSE:), Breyer Capital and Whampoa Group as well as by other private equity firms and family offices, the company said$500m-investment-fund-to-boost-blockchain-web3-and-valuebuilding-technologies-421499824684903944.

Web3 refers to a decentralized, utopian internet. It is built on the digital record-keeping technology blockchain. This also powers the platforms that run cryptocurrencies like bitcoin and ether.

Although cryptocurrency’s prices are falling, large institutional investors are trying to be more involved in the space. Andreessen Horowitz, a venture capital company, has already raised billions for its crypto funds.

Interest in cryptocurrency has expanded to Web3 and blockchain, with well-known investment firms like Silver Lake and SoftBank betting on this sector.