Binance Labs, the Binance exchange’s investment branch, disclosed information about its new investment fund. There’s $500 million in the fund, which will support promising Web3 projects in the spheres of Metaverse, NFT, DeFi, gaming, social and other areas related to the Web3 concept.
Among the backers of the fund, there are some major companies. The most prominent ones are global venture and investment capital firms Breyer Capital and DST Global. Since its launch in 2018, Binance Labs has invested in more than 100 projects related to crypto.
Web3 is heralded as the next step in internet evolution, and is envisioned as being more decentralized. There are already some Web3 apps that are using blockchain platforms. Bitcoin and Ethereum communities are both discussing these platforms’ latest technologies and their speculated use for further development of Web3.