Binance Labs Makes 25 Investments in 2023 Despite Challenging Market Conditions
Despite a challenging market and waning trust in centralized crypto entities, Binance Labs announced 25 new investments in 2023. The focus of these investments primarily revolved around decentralized finance (DeFi), Web3 gaming, tooling, and infrastructure.
DeFi Investments
In the DeFi sector, Binance Labs made several investments. They invested an undisclosed amount in Radiant Capital, a lending and borrowing protocol. Additionally, they allocated $5 million to support Curve DAO Token (CRV) for its integration with the BNB Chain. Binance Labs also invested $10 million in Helio Protocol, a decentralized protocol for stablecoin lending and borrowing on the BNB Chain.
Web3 Gaming Investments
Binance Labs announced a $15 million investment in Xterioled, a Web3 game platform and publisher. They also provided seed funding for GOMBLE, a South Korean developer of blockchain-based casual games and an affiliate of the game publisher, 111Percent.
Tooling Investments
Binance Labs invested in Arkham Token (ARKM), the native token of the Arkham blockchain platform. This investment was made to support “on-chain insights at scale across the blockchain ecosystem.”
Binance’s Regulatory Setbacks
In 2023, Binance faced severe regulatory setbacks, including paying a $4.3 billion fine in a settlement with United States regulators and Changpeng “CZ” Zhao stepping down as CEO. As a result, Binance’s market shares have decreased by 5%, with OKX and Bybit emerging as frontrunners in the crypto exchange market.
Hot Take: Binance Labs Remains Active Despite Challenges
Despite the challenges faced by Binance as a centralized crypto entity, Binance Labs has shown resilience and continued to make significant investments in various sectors of the crypto industry. Their focus on decentralized finance, Web3 gaming, and tooling reflects their commitment to supporting innovative projects and technologies. While Binance’s regulatory setbacks have affected its market shares, Binance Labs’ investments demonstrate their dedication to fostering growth and development in the crypto space.
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