The venture capital arm of Binance raises $500 million to invest in Web3 blockchain technology.
Binance Labs, the venture capital arm of the cryptocurrency exchange Binance, said on Wednesday that it had raised $500 million for an investment fund that will focus on blockchain and Web3.
According to https://www.binance.com/en/blog/ecosystem/binance-labs-closes-$500m-investment-fund-to-boost-blockchain,-web3,-and-value-building-technologies, the fund is backed by DST Global Partners (NYSE: GLP), Breyer Capital, Whampoa Group, and other private equity firms and family offices.
Web3 is a vague term for a decentralized, utopian version of the internet based on blockchain, a technology for keeping digital records that also runs the platforms that run cryptocurrencies like bitcoin and ether.
Even though the prices of cryptocurrencies have gone down, venture capital firm Andreessen Horowitz has raised billions of dollars for its crypto-focused funds.
Popular investment firms like Silver Lake and SoftBank are betting on blockchain and Web3.
