Binance Labs Launches $500M Fund to Develop Web3 Projects

Binance Venture Capital announced the launch of a $500 million fund focused on DeFi, NFT, games, metaverses and social networks. The partners are DST Global Partners and Breyer Capital, writes The Block.

Funding was also provided by unnamed private equity funds, family offices and corporations.

The structure will support startups at all stages of development.

Initially, funds from the fund will be allocated to 14 participants in the fourth season of the Binance Labs incubation program.

Previously, the venture division has supported about 500 startups, including Polygon, Perpetual Protocol and Dune Analytics.

Recall that in May, former Binance top managers launched a $100 million fund with a focus on the metaverses.

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