Binance enterprise arm raises $500M to spend money on Web3, blockchain

Binance Labs’ fundraise comes as enterprise capital investments face headwinds from expectations of rate of interest will increase.

See associated article: Binance’s funding in Forbes is a wake-up name for the crypto business

Quick details

• The brand new fund is backed by institutional buyers similar to DST International Companions and Breyer Capital, and household workplaces and corporates, Binance mentioned.

• Since 2018, Binance Labs has invested in additional than 100 initiatives similar to 1inch, Audius, Axie Infinity, and Dune Analytics, in keeping with Binance’s announcement.

• On the time of publishing, the entire market capitalization of cryptocurrencies has drained practically US$1.7 trillion in contrast with an all-time excessive in November, in keeping with CoinMarketCap.

• Final week, Andreessen Horowitz raised US$4.5 billion for a crypto fund, the business’s largest, bringing whole digital assets-focused investments by Silicon Valley funding companies to US$7.6 billion.

• Crypto and blockchain-based firms have raised round US$15 billion thus far this yr, roughly the tempo of 2021, The Wall Avenue Journal mentioned, citing information from PitchBook.

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