Binance Labs, the venture capital arm of cryptocurrency exchange Binance, said on Wednesday it had raised $500 million for its investment fund focused on companies involved in the blockchain and Web3 spaces.
The fund is supported by investment firms DST Global Partners, Breyer Capital, and Whampoa Group as well as by other private equity firms and family offices, the company said.
Web3 is a somewhat vague term for a utopian version of the internet that is decentralized and is based on digital record-keeping technology blockchain, which also drives the platforms running cryptocurrencies such as bitcoin and ether.
Despite the fall in the prices of cryptocurrencies, big institutional investors have been trying to get involved more heavily in the space, with venture capital giant Andreessen Horowitz having raised billions for its crypto-focused funds.
The interest around cryptocurrencies has spilled over into blockchain and Web3, with high-profile investment companies such as Silver Lake and SoftBank also betting on the sector.