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Binance Labs has raised $500 million for a new investment fund

Binance Labs has raised $500 million in a round of investment used to develop blockchain, Web3, and value-building technologies.

Funds have been obtained for Web3, a blockchain-based technology

Binance Labs’ initial fundraising round garnered backing from some of the world’s most well-known investors, including DST Global Partners and Breyer Capital. Other prominent private equity funds, family offices, and companies that have subscribed to the fund as limited partners have also contributed.

The Binance Labs team plans to use the money toward initiatives that generate more crypto use cases. A part of the cash will also be used to support projects that promote the use of Web3 and blockchain technology.

What have Binance Labs been up to lately?

Binance Labs is the world’s largest cryptocurrency exchange startup funding and incubator arm. The group has been laser-focused on advancing the Web3 ecosystem by assisting up-and-coming initiatives and businesses. Binance Labs just announced the fourth edition of its Incubation Program, which will focus on infrastructure, DeFi, gaming and metaverse, SocialFi, and the creator economy. There were over 500 applicants for the program, all competing for a slot. Only 14 early-stage firms were chosen out of 500 to get mentorship and coaching from industry experts.

Other changes in the Binance ecosystem

Binance Staking is another branch of the Binance ecosystem, and it is the exchange’s staking-focused program, as the name indicates. It just joined the Neo Council, which now has only 21 members working on the governing collective. The Neo team anticipates a strong symbiotic interaction between their smart token economy and Binance’s network and product portfolio due to the integration. They also hope that it would boost participation across all stake channels.

Finally, we arrive at the cryptocurrency exchange. Binance revealed its infrastructure integration with Optimism, a Layer-2 Ethereum scaling solution. The exchange will be able to open ETH deposits on Optimism Layer-2, with freshly issued ETH deposit addresses for its users.

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