TLDR:
- Binance Labs has become an independent venture capital arm after cutting ties with Binance exchange.
- The independent VC fund has a portfolio worth over $10 billion and focuses on investing in early-stage Web3 projects.
Binance Labs, the independent venture capital arm of Binance exchange, has parted ways with the exchange to become an independent entity. The fund’s portfolio, valued at over $10 billion, covers more than 250 projects from over 25 countries and boasts an impressive over 14 times return on investment rate.
The independent VC fund is dedicated to investing in early-stage Web3 projects and providing support to founders through mentorship and resources within the wider Binance ecosystem. Binance Labs is currently accepting applications for funding through its Season 7 Incubation program until April 15, 2024.
Previous investments from Binance Labs, including notable projects like Ethena, have shown significant success. Ethena, a derivative infrastructure provider, became the highest-earning decentralized application (DApp) after reaching $6.8 million in daily cumulative revenue. The project’s USDe synthetic dollar offers a 60.9% yield to over 53,000 users and holds over $1.1 billion in total value locked.
Binance Labs aims to continue supporting promising early-stage founders and projects that contribute to the growth and development of the Web3 ecosystem. The fund’s shift to independence reflects its commitment to fostering innovation and supporting the crypto space.
