Binance is the world’s leading digital asset exchange by trading volume. Building on that reputation, the company has announced the creation of a new investment fund valued at one billion dollars, designed to finance blockchain-focused startups.
Official Announcement
Ella Zhang, head of Binance Labs, spoke publicly during an online conference to reveal the news. Binance has raised one billion dollars to support funding for startups specializing in blockchain technology. Binance Labs will be responsible for selecting roughly twenty partners to receive investments.
Corr: we’d like to partner w/ fund managers who have managed >$100m AUM accumulatively, not that we only invest in crypto funds w/ >$100m AUM. Instead, we like small funds managed by experienced investors. Thanks @TechCrunch. We’ll do an EN AMA this Thur! https://t.co/HJxx0CtLbc
— Ella Zhang (@ellazhang516) June 1, 2018
Prospective partners will need to demonstrate at least $100 million in assets under management. All investments from this fund will be executed in the ERC-20 token known as Binance Coin (BNB), the platform’s native cryptocurrency.
International Expansion
Binance’s global expansion has accelerated in recent months. For example, Binance Labs is set to support Didi Chuxing’s project to launch a ride-hailing booking app built on blockchain technology. This illustrates both the breadth of Binance’s strategic interests and its strong international ambitions.
I just published “Binance Labs — Why? What? How?” https://t.co/eIBuzLUBj3
— Ella Zhang (@ellazhang516) May 22, 2018
Blockchain technology remains a leading trend, attracting strong interest from companies exploring its integration into industrial and IT processes. That growing demand is a key reason Binance is investing heavily in projects that leverage this technology.
As the world’s top cryptocurrency exchange, Binance has reached a new milestone by launching this billion-dollar investment fund aimed at backing blockchain startups. The list of selected beneficiaries is expected to be announced soon, so interested founders and investors should stay tuned.