The funding, supported by DST Global Partners and Breyer Capital, will be utilised to make investments in projects that will boost the adoption of Web3 and blockchain technologies as well in projects that expand the use cases of cryptocurrencies  

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The funding has been raised from DST Global Partners and Breyer Capital. (Credit: Reto Scheiwiller from Pixabay)

Binance Labs, an investment arm of crypto exchange  Binance, has secured $500m funding for investment in blockchain and Web3 technologies.

The funding has been raised from DST Global Partners and Breyer Capital. It has witnessed participation from major private equity funds, family offices, and corporations also subscribed to the fund as limited partners.

It will be utilised to make investments in projects that will boost the adoption of Web3 and blockchain technologies. Investment will also be made in projects that expand the use cases of cryptocurrencies.

Binance founder and CEO Changpeng Zhao said: “In a Web3 environment, the connection between values, people, and economies is essential, and if these three elements come together to build an ecosystem, that will accelerate the mass adoption of the blockchain technology and crypto.

“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.”

Binance Labs claims to have invested in more than 100 projects, including 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox, and STEPN, from over 25 countries.

The venture capital firm makes investments incubation, early-stage venture, and late-stage growth projects.

The new funding is expected to be utilised for investments in projects spanning all three stages.

For incubation projects, Binance Labs aims to support product development and growth by connecting projects with Binance’s network of resources, experts, and mentors.

Its investments in early-stage venture projects include token and equity investments across all sectors of cryptocurrency and Web3.

In May, Binance signed an memorandum of understanding (MoU) with the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan for virtual asset market development in the country.

Under the MoU, Binance is expected to provide advise on developing the legislative framework and regulatory policy for crypto-assets in the country.