Binance Raises $500M for Venture Arm to Back Web3
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Cryptocurrency exchange Binance has raised $500 million for its venture arm called Binance Labs which will help Web3-startups extend the use cases of cryptocurrencies. The exchange said in a blog post that the funding round was supported by DST Global Partners, Breyer Capital and other private equity funds, family offices, and corporations.

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Binance says its venture arm will support projects on both early-stage (DeFi startups, NFTs, gaming, metaverse) and last-stage growth companies (those that might become a "solid strategic partner"). Binance CEO Changpeng Zhao said the goal of the newly formed fund is to "discover and support projects and founders with the potential to build and to lead Web3."

"In a Web3 environment, the connection between values, people, and economies is essential, and if these three elements come together to build an ecosystem, that will accelerate the mass adoption of the blockchain technology and crypto."

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Binance has already invested in other projects from over 25 countries. The company has already backed crypto projects such as 1inch, Axie Infinity, Polygon, The Sandbox, and others. In February, Binance invested $200 million in Forbes. According to sources close to the matter, Binance will replace half of the $400 million in commitments from institutional investors announced by Forbes in August.

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