Binance Labs Announces a $500M Fund Focused on Web3 Projects

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Binance’s venture capital arm Binance Labs has announced the launch of a $500 million fund focused on DeFi, NFTs, games, metaverses and social networks.

According to the company, the partners of the fund are DST Global Partners and Breyer Capital. In addition, funding has also been provided by some private equity funds, family offices and corporations.

Initially, the funds, which will be used to support startups at all stages of development, will be allocated to 14 participants in the fourth season of the Binance Labs incubation program.

The exchange’s venture division has already supported 500 startups.

Andreessen Horowitz has previously launched a $600 million structure focused on similar projects.