Binance Labs, the venture capital arm of the world’s biggest crypto exchange, launched a $500 million fund to invest in digital-asset projects, the latest capital injection into an industry that’s reeling from plunging prices and the collapse of the TerraUSD stablecoin.
The announcement followed Andreessen Horowitz’s $4.5 billion raise for a crypto fund last week, the industry’s largest to date, bringing the Silicon Valley investment firm’s total digital-asset-focused efforts to $7.6 billion. The recent rout in cryptocurrency markets have been no deterrent for some venture capitalists, who still see promises in the boom-and-bust industry.
The new fund is backed by institutional investors such as DST Global Partners and Breyer Capital, as well as family offices and corporations. It will invest in blockchain and web3 projects across incubation, early-stage venture and late-stage growth through a mix of token and equity investments, Li said in an interview.
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