Former Binance senior executives Lin Zhang and Wayne Fu have launched the multi-strategy fund Old Fashion Research with $100 million. The vehicle, focused on metaverses, will also promote digital assets in developing economies.
We are happy to announce the launch of $100M multi-strategy fund. OFR is dedicated to helping build the next generation of Web 3.0 dApps and protocols.https://t.co/17rjMwQIhf
— Old Fashion Research (@ofrfund) May 26, 2022
Lin Zhang previously served as Binance’s vice president of investments as well as mergers and acquisitions. He led efforts to collaborate with FTX, WazirX, Swipe.io, Multicoin Capital, Tokocrypto, Chiliz and Certik. Wayne Fu served as head of corporate development at the Bitcoin exchange.
The structure is supported by Jiang \”JX\” Xin. He oversaw Binance Labs and Launchpad investments in Axie Infinity, Moonbeam, Alpha Finance and other projects.
Wei Zhou, former CFO of the Bitcoin exchange, will serve as a strategic adviser to the fund.
Old Fashion Research has been backed by unnamed venture funds, family offices and angel investors. The team from the gaming platform WEMIX played a key role.
The fund’s portfolio spans more than 50 blockchain projects, including Nansen, WOO Network and Africa’s Metaverse Magna gaming community. The vehicle is diversified by region as well as by the blockchains of the projects.
Old Fashion Research supports startups throughout their life cycle, drawing on its accumulated expertise in mergers and acquisitions, investments and incubation built during its time at Binance.
Earlier, Andreessen Horowitz launched a $600 million fund focused on gaming infrastructure and metaverse technologies.
Earlier, Epic Games raised $2 billion to develop metaverses.
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