Binance Labs launches $500 million fund to develop Web3 projects

The venture arm of Binance announced the launch of a $500 million fund, focused on DeFi, NFTs, gaming, metaverses and social networks. Partners include DST Global Partners and Breyer Capital, The Block reports.

Funds were also provided by unnamed private equity funds, family offices and corporations.

The structure will support startups at all stages of development.

Initially, funds from the fund will be allocated to 14 participants of the четвертого сезона incubation program of Binance Labs.

Earlier, the venture arm backed around 500 startups, including Polygon, Perpetual Protocol and Dune Analytics.

Earlier, in May, former Binance executives запустили a $100 million fund focused on metaverses.

Earlier, Andreessen Horowitz создалаstructуру на $600 млн with a similar orientation.

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