Binance Lab raises $500M fund to invest in Web3, blochain projects

Binance Lab has closed a new $500M investment fund that will invest in projects to expand cryptocurrency use cases and drive the adoption of Web3 and blockchain technologies, the company said Wednesday. The fund is supported by global institutional investors including DST Global Partners and Breyer Capital. Other private equity funds, family offices, and corporations also subscribed as limited partners. "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," said Binance founder and CEO Changpeng Zhao. The fund will invest in three stages: incubation, early-stage venture, and late-stage growth. The fundraising comes as bitcoin is stabilizing after bitcoin (BTC), the world's largest cryptocurrency, has dropped 44% in the past six months. In Wednesday trading, BTC is rising 0.5% to $31.7K. In April, Binance.US raised $200M in a