Binance Labs, the venture capital arm of the world’s largest cryptocurrency exchange, has launched a $500 million Web3 fund.

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The fund was launched in partnership with leading global institutional investors such as DST Global Partners and Breyer Capital. Other major private equity funds, family offices, and corporations will also support the fund as limited partners.

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Binance Labs plans to use the new fund to invest in projects across various stages that are working to extend the use cases of cryptocurrencies and drive the adoption of Web3 and blockchain technologies.

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“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,” Changpeng Zhao ‘CZ’, Founder and CEO of Binance, said.

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Binance Labs was established in 2018 and has since invested in and incubated over 100 projects from around the world. Notably, its portfolio includes industry-leading projects, such as Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, 1inch, and The Sandbox.

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