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Hey Waivly Crew! 🌊 Binance Labs has closed a new $500 million fund to invest in Web3 projects across three different stages: incubation, early-stage venture, and late-stage growth. Facebook and Instagram's parent company is changing its stock ticker to META.

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Binance Labs closes $500M investment fund to bolster Web3 adoption

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.

The Waves

🏟️ This week in Web3 events: May 23rd to 29th

🤝 Midnight Society partners with Polygon Studios

👀 Singapore to explore blockchain use cases

🤔 Bank of America is not making a push into crypto

Tech Special

Facebook and Instagram’s parent company to change its ticker to META

The parent company of Facebook and Instagram, Meta, has recently announced that it will be changing its stock ticker after its rebranding last October.

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The new stock ticker will now be META. Prior to the transition of the company’s new NASDAQ listing, the company had been listed as FB for ten years.

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Meta has filled out paperwork to change its stock ticker listing to META, which will become official when the market opens on June 9th. The announcement of its stock ticker's changing comes after Meta recently announced that they have experienced its first drop in daily active users ever, as reported by The Verge.

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Many view Meta as the parent company of Facebook, WhatsApp, and Instagram, but the company is planning to become more than just a social media pillar. Meta is trying to move beyond social media and into immersive experiences such as Augmented Reality (AR) and Virtual Reality (VR).

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Rimac raises over $500M from Porsche, Softbank and Goldman Sachs

Porsche is strengthening its relationship with EV supercar company Rimac by participating in a $500 million investment round for the Croatia-based startup.

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Softbank Vision Fund 2 and Goldman Sachs led the Series D investment round that valued the manufacturer at 2 billion euros ($2.2 billion). The round includes an “eight-figure sum” from Porsche, which now owns 20% of the company.

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“SoftBank is the biggest tech investor in the world, and Goldman is a very big financial investor,” said Founder and CEO Mate Rimac, who will remain the largest shareholder of Rimac Group.

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The funding will be used to build a $200 million Rimac campus in Zagreb, Croatia, and develop the company’s Rimac Technology subsidiary, which develops and manufactures parts for electric and hybrid vehicles made by other automakers.

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Most importantly, the funding will help Rimac stay independent from larger automakers. "It’s very good for us to have Porsche and Hyundai on board as shareholders, but we don’t want to be fully dependent on them," the CEO explained.  

Own and secure your crypto with Ledger

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Ledger wallets are an extremely secure and premium way to secure, manage, and grow your crypto assets with their Bluetooth-enabled hardware wallets, and easy-to-use app which lets you manage your portfolio on the go. They let you manage multiple assets, buy, sell, grow, and exchange crypto, gain financial freedom by you being in full control and ownership of your private keys, and so much more.

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The wallets are really simple to setup, and to move your crypto over to, so there’s no reason not to secure your assets and take control of your cryptocurrency now and get yourself a Ledger device. You can manage 1800+ coins and tokens directly in the Ledger Live app once you’ve got your device up and running, so you’ll always have your entire portfolio covered.

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