There is a growing interest of investors in the firms related to the crypto segment. Binance Labs has secured an investment of approximately $500 million for its Web3-linked fund. Investors include DST Global Partners and Breyer Capital. This fund will help crypto and Web3 startups.
Binance Global, which runs Binance Labs, owns one of the world’s largest crypto exchanges. It now plans to work on projects related to Web3. These will include projects working on cryptocurrencies, non-fungible tokens (NFTs) and metaverses. Binance Chief Executive Officer Chengpeng Zhao has a blog post “The new fund aims to help projects that advance Web3 in decentralized finance (DeFi), NFT, gaming and the metaverse,” it said in a statement. Started about four years ago, Binance Labs has funded several Web3 projects in the past. Its portfolio includes projects such as Audius, Elrond, Polygon and Injective.
In recent months Binance US has obtained licenses to start business in several countries including Dubai and France. Binance Ltd. plans to strengthen its legal team in multiple countries to ensure that the exchange is compliant with the laws of the country in which it is doing business. Binance US was started by Chengpeng about three years ago. In America, the government is preparing to make laws regarding crypto. Binance is starting its business in different states of America.
Binance is also getting support from investors. It recently secured its first external funding. After raising around $200 million from various investors like Circle Ventures, the valuation of Binance has reached around $4.5 billion. Earlier this month, the exchange received approval to serve as a money transmitter in Puerto Rico. In the US, Binance’s subsidiary holds similar licenses in states such as Wyoming, Connecticut and West Virginia. The exchange has applied for licenses in several countries. Chengpeng wants to make it the most licensed crypto exchange.