Crypto & Web3 appetite is still there as Binance Labs raises a new fund💰; M&A in the blockchain & crypto space is about to get hot 🔥; May was a tough month for digital asset investors 🤕
Good Morning FinTech, 2 June
Good day Everyone,
And happy Thursday! Today we’re focusing on the digital asset space. So, in this issue, we will look at Binance Labs’ new crypto fund that shows there’s still some appetite for crypto & Web3, see why M&A in the blockchain & crypto space should get hot very soon, and what kind of month May was for the digital asset investors (it was tough!). Let’s jump straight into the good stuff:
Crypto & Web3 appetite is still there as Binance Labs raises a new fund💰
The news 🗞 Binance Labs, the venture capital arm of cryptocurrency exchange Binance, has raised $500 million to establish a fund that will invest in Web 3 and blockchain companies.
DST Global Partners, Breyer Capital, Whampoa Group, and other private equity funds all participated in the raise, as per the company’s blog post.
More on this 👉 According to Binance CEO Changpeng "CZ" Zhao, “the goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web 3 across DeFi, NFTs, gaming, Metaverse, social, and more”.
The fund will reportedly make investments across companies in three stages: incubation, early-stage venture, and late-stage growth.
So what does this mean? In short, it’s a great time for builders to keep on building. Here’s the takeaway: