Leading cryptocurrency exchange Binance said on Wednesday it has closed a new $500 million investment fund. The stock market’s investment decision comes at a time when the altcoin market has suffered serious losses.
Binance creates $500 million altcoin fund in bear market
The exchange said it will consider investing in Blockchain, Web 3 and “value-creating technologies” with the new fund. This investment decision is made by Binance Labs, the exchange’s venture capital arm. Key backers of the fund include DST Global Partners, Breyer Capital and other investment institutions acting as limited partners with the Whampoa Group.
Fund; Launchpad will be devoted to emerging companies, including early-stage and late-stage. Binance Labs was an earlier investor in a number of altcoin projects that later caught strong trends…
Binance Labs also supported these altcoin projects
Binance invests in crypto startups no stranger to doing. The exchange’s venture capital arm has invested in several major crypto firms, including Axie Infinity, Polygon, Elrond, The Sandbox, and STEPN. Dune Analytics, Sandbox, Optimism, Injective, 1inch and Audius are among the altcoin projects Binance has invested in.
Binance CEO CZ wished $500 million crypto mutual fund would be reserved for developers:
The purpose of the newly closed mutual fund is, Discovering and supporting projects and developments that have the potential to create and manage Web3 in DeFi, NFTs, gaming, metaverse, social and more.
Venture capitalists raise funds despite market crash
Binance is not alone in raising funds during market crash. As we covered in cryptokoin.com news, Andreessen Horowitz recently launched a $4.5 billion fund to take advantage of the low valuations caused by the recent crash. In late April, Dragonfly Capital raised its largest ever fund of $650 million. This also comes after several other major funds boosted crypto-focused startups earlier this year.
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