This article comes fromThe Block, original author: Yogita Khatri

Odaily Translator | Nian Yin Si Tang

Summary:

This article comes from

, original author: Yogita Khatri

Odaily Translator | Nian Yin Si Tang

secondary title

Summary:

- Binance Labs raises $500 million for new investment fund.- A Binance spokesperson said that this is the company’s first fund to include outside capital.Binance Labs, the venture capital and innovation incubator of Binance, has raised $500 million in a new investment fund to support Web3 projects.

Binance Labs announced today that investors in the fund include DST Global Partners, Breyer Capital, and several unnamed private equity funds, family offices, and corporates as limited partners. A Binance spokesperson told The Block that this is the company’s first fund invested by outside capital.

A new fund from Binance Labs is yet another sign that crypto-focused VCs seem confident despite falling prices.Andreessen Horowitz (a16z) last weekLaunch of $4.5 billion fourth crypto fund, Crypto Fund 4

, of which about $1.5 billion will be used for seed investment and $3 billion for venture capital, which brings its total cryptocurrency/Web3 space funds to more than $7.6 billion.

a16z will use these funds to invest in promising Web3 startups at every stage. a16z focuses on Web3 games, DeFi, decentralized social media, self-sovereign identity, layer 1 and layer 2 infrastructure, cross-chain bridges, DAOs and governance, NFT communities, privacy, creator monetization, regenerative finance, ZK proofs applications, decentralized content and story creation, and many other areas.

Immediately afterwards, the multi-strategy blockchain investment fund Old Fashion Research (OFR)

Announcement of $100 million investment fund

. OFR empowers and supports blockchain projects and entrepreneurs through various strategies such as incubation, investment, and mergers and acquisitions. Investors include Wemix, a blockchain game platform owned by South Korean listed game company Wemade, former Binance CFO Wei Zhou, Didi Angel Investment Wang Gang and other domestic and foreign traditional investment funds, family offices and individual angel investors.It is reported that the members of the OFR team were founded in July 2021 by former Binance executives and investment team. The founding partners include Ling Zhang, former Vice President of Strategic Investment and M&A of Binance, Wayne Fu, former head of corporate development, and former investment director of Binance Labs. and Jiang Xin, Head of Binance Launchpad. Wei Zhou works as a strategic consultant at Old Fashion Research.The fund has invested in more than 50 blockchain projects, including blockchain analysis platform Nansen, trading platform Woo Network, Move-to-Earn NFT game Genopets, game community Metaverse Magna, etc.

Founded in 2018, Binance Labs initially invested with Binance's own funds. The firm has invested in more than 100 startups so far, including Axie Infinity developer Sky Mavis, Move-to-Earn startup StepN, decentralized exchange aggregator 1inch, and blockchain audit firm CertiK.

With this new fund, Binance Labs will continue to support startups focused on increasing crypto adoption. The company wants to invest in three phases of the project: incubation, early development and later growth.