Cash strapped firms looking to provide genuine innovation within the Web3 sphere have received a huge boost. Binance Labs has set aside half a million dollars to aid them in their blockchain-powered goals.
Binance Labs, the investment arm of the Binance trading goliath, has announced a massive $500m Web3 investment fund, offering support for blockchain-based projects throughout the Web3 sphere. It has created a launchpad to drive the adoption of blockchain-based projects, and spearhead industry growth.
Backing up the mighty endeavour, several high-profile investment firms have pledged their assistance. As a result, both DST Global and Breyer Capital have thrown in their support, as well as a number of additional contributors from the far-reaching industry.
#Binance Labs closes $500M investment fund to boost blockchain, web3, and value-building technologies!
The fund is supported by leading global institutional investors such as DST Global Partners, Breyer Capital, & more.
— Binance (@binance) June 1, 2022
Going forward, this grand war chest will aid three key stages of project development. Therefore, providing assistance during the incubation, early-stage venture, and late-stage growth phases of the development lifecycle, earmarking the considerable funds for NFTs, Gaming, DeFi, the Metaverse, and more!
“The new fund will invest in projects that can expand cryptocurrency use cases and drive the adoption of Web 3 and blockchain technologies” – Binance