Binance Set Up A $500M Debut Fund To Boost Web3 Ecosystem #Binance #Set #500M #Debut #Fund #Boost #Web3 #Ecosystem Welcome to TmZ Blog, here is the new story we have for you today:
Binance, the world’s largest cryptocurrency exchange, is soon launching its own venture capital fund. On 1st June, the firm’s venture arm, Binance Labs, said it has raised $500 million for its debut start-up fund. Leading venture capital firms DST Global and Breyer Capital and a few others have lent their support.
As per sources, Binance Labs intends to use the capital to invest in firms building “Web3.” The launch of Binance’s new fund comes amidst a testing time when Bitcoin [BTC] and other digital currencies are on a prolonged downtrend.