Binance Labs Separates from Binance Exchange: Forms Independent Venture Capital Division
Summary:
Binance Labs has established itself as an independent venture capital division, dissociating from Binance exchange. Its portfolio, now valued at over $10 billion, includes more than 250 projects from over 25 countries, with a return on investment rate greater than 14 times. The division is focused on investing in early-stage Web3 projects and providing support within the wider Binance ecosystem. Further details are forthcoming as the story evolves.
Binance Labs has now been established as a self-sufficient venture capital division, having dissociated itself from the Binance exchange. With a total valuation exceeding $10 billion, the independent venture capital fund's portfolio incorporates more than 250 initiatives across over 25 nations, realizing a return on investment rate over 14 times, as stated in a blog entry by Binance Labs on March 12. The division aims to channel its investments towards the nascent Web3 projects and provide assistance such as personalized mentorship and access to a broader range of resources within the extensive Binance network. Interestingly, Binance, the globe's dominating cryptocurrency exchange, had discretely initiated this independent fund earlier this year. The contractual obligations of the personnel at Binance Labs are distinct from those of the employees at the Binance exchange. It's noteworthy that the anticipation around Dogwifhat's price climbing to $10 has been endorsed by Arthur Hayes. This news is currently evolving and additional information will be added as it materializes.
Published At
3/15/2024 12:40:26 PM
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