Binance Labs plans to allocate its multimillion fund to businesses that encompass the Web3 industry.
The venture capital and innovation incubator of Binance – Binance Labs – raised $500 million for its first start-up fund and intends to invest the sum into entities part of the Web3 ecosystem.was led by the American venture capital firms DST Global and Breyer Capital. Other undisclosed family offices and corporations also took part in the investment.
Web3 is touted as the new iteration of the Internet based on blockchain technology. Ken Li – Executive Director of Binance Labs – noted that the number of Web3 developers has recently increased from 300,000 to 500,000. Li added that start-ups with valuations of over $1 billion show signs of “slowing down a bit.” However, this is not the case with early-stage market members such as Web3 enterprises.
“We know that investing in early stages involves risks. The industry is still young and was younger back then.”
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