Binance's VC arm mops up $500m fund to invest in Web3, blockchain

FILE PHOTO: The logo of Binance is seen on their exhibition stand at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in St Julian's, Malta October 4, 2018. REUTERS/Darrin Zammit Lupi

Binance Labs, the venture capital arm of cryptocurrency exchange Binance, said on Wednesday it had raised $500 million for its investment fund focused on companies involved in the blockchain and Web3 spaces.

The fund is supported by investment firms DST Global Partners, Breyer Capital and Whampoa Group as well as by other private equity firms and family offices, the company said.

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