Binance has raised $500 million to invest in Web3 start-ups.
Binance is founding a venture capital fund called Binance Labs to support start-ups helping to build Web3. Web3 is a new internet based on blockchain technology.
The $500 million was backed by DST Global and Breyer Capital, and other unnamed corporations.
Although the market is down, with Bitcoin down 50% from its all-time high, Binance still believes in the future of crypto.
“We are looking for projects with the potential to drive the growth of the Web3 ecosystem,” Ken Li, Binance Labs’ executive director of investments, said.
