Yesterday, the global leading crypto exchange platform Binance said that its venture capital arm closed a $500 million investment fund for a range of Web 3 projects such as DeFi, NFTs, and the Metaverse.
Binance Labs received funding from prominent investors DST Global Partners and Breyer Capital. The funds will expand Web3 and blockchain technology at Binance Labs.
“The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more,” Changpeng Zhao, Binance’s Founder, and CEO said.
The funds will be invested in three stages, incubation, early-stage venture, and late-stage growth.
While Web3 still lacks a concrete meaning and application, it often refers to the next stage of the internet that is further decentralized and accessible.
As the crypto markets remain volatile, the influx of cash arrives. Bitcoin, the most valuable cryptocurrency by market value, is down more than half of what it was in November 2021, when it hit an all-time high of $69,000.
Meanwhile, other crypto-assets like NFTs have also seen valuations drop and sales volumes slow down as more hawkish central bank policies have created an overall shift away from risk assets.