CIOInsider India Magazine

Binance Labs raises a $ 500 million fund from investors such as DST Global, Breyer Capital and others.

The new fund will invest in projects that aim to extend the use cases of cryptocurrencies and increase the adoption of Web3 and blockchain technology.

Changpeng Zhao, founder and CEO, Binance says, “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.”

Launched in 2018, Binance Labs has incubated over 100 crypto projects from more than 25 countries. Its portfolio includes popular projects like Polygon, Sandbox, Axie Infinity, and Dune Analytics.

According reports, a few days back, Silicon Valley VC giant Andreessen Horowitz announced a $ 4.5 billion crypto fund, signaling strong demand for digital currencies among investors despite the recent Terra crash, which has wiped off over $60 billion of investor wealth.

The crash had alarmed governments worldwide about the volatility in crypto prices. The Indian government working on a regulatory framework for the crypto community, recently announced its set to finalize a consultation paper soon.

Top local crypto exchanges like Binance owned WazirX had welcomed the news with cheer, though unclarity over the regulations remains a concern.

In the 2022-23 Budget, Finance Minister Nirmala Sitharaman announced a 30 percent tax on the gains arising from the crypto assets, along with a one percent tax at source on all crypto transactions.

Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help grow the wider blockchain ecosystem.