Binance Invests in Crypto Hedge Fund Multicoin Capital

Binance, the bitcoin exchange, announced investments in the cryptocurrency-focused hedge fund Multicoin Capital, ForkLog has been told by representatives of the trading platform.

The companies intend to identify new opportunities to support development and expansion of the market within a larger blockchain ecosystem, amid growing institutional interest in Bitcoin. The terms of the deal were not disclosed.

“We have spent thousands of hours researching Binance and can unequivocally say that it is one of the most strategically important infrastructure providers in the blockchain ecosystem,” said Tushar Jain, managing partner at Multicoin Capital.

Among the fund’s other partners are venture firms Ribbit Capital and Union Square Ventures, Andreessen Horowitz co-founder Marc Andreessen, and Craft Ventures founder David Sacks.

In 2019, Multicoin Capital led a funding round for the blockchain startup Torus worth $2 million. Binance Labs also contributed.

Earlier in 2020, the Bitcoin exchange acquired a stake in fintech firm BxB for $432,000 to open a support centre in South Korea.

Later, Binance invested in Indonesia’s leading regulated cryptocurrency platform Tokocrypto.

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