Binance Crypto exchange Creates $500M Fund Intended for Web 3.0 Assets

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Binance Creates $500M Fund Intended for Web3 Investments

    • Binance Crypto exchange has raised a $500 Million for Web 3.0 startups.
    • The financial resources fund was possible by partnering with DST and Breyer .
    • Andreessen Horowitz (a16z) raised $4.5 Billion the previous month for cryptocurrency and blockchain tech startups.

Binance Crypto exchange has raised up to $500 Million in an effort to bolster assets in Web 3.0 startups.

As reported by an post by CNBC, this will become the formal notice of the company’s deal financial resources fund via Binance Crypto exchange Labs in partnership with DST Global and Breyer Capital.

The $500 Million fund is in particular  allocated to Web 3.0 startups and is intended to capitalize on the current bear market as a means to search for unicorn hopefuls.

Ken Li, Binance Crypto exchange Labs Executive Director of Assets and M&A, stressed that there is very little change in early-stage private markets, although the number of startups achieving the unicorn status – that is, those with a $1 Billion valuation – is “slowing down a bit.” Li added:

We are looking for projects with the potential to drive the growth of the Web 3.0 ecosystem.

Binance Crypto exchange estimates that there are around 300,000 to 500,000 active Web 3.0 developers today. These are scattered throughout several cryptocurrency sub-sectors, including infrastructure, non-fungible crypto  (NFTs), and decentralized autonomous organizations (), to name a few.

In other news, Silicon Valley deal financial resources firm Andreessen Horowitz (a16z) raised a staggering $4.5 Billion cryptocurrency fund. Like Binance’s initiative, this a fund of  financing  to support cryptocurrency and blockchain tech startups. Furthermore, the amount raised this time is at least double the figure mentioned in the last financing effort of the company 6 months ago.

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