Binance 's venture capital arm closed a $500 million investment fund to developWeb3 and blockchain projects.- Binance Labs will use the cash to invest in areas like
DeFi , NFTs, gaming, and themetaverse .
Binance said Wednesday its venture capital arm closed a $500 million investment fund for a range of new projects.
The
"The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more," Changpeng Zhao, Binance's founder and CEO, said in a blog post.
Binance added that the funds will be invested across three stages: incubation, early-stage venture and late-stage growth.
Web3, while still lacking a concrete meaning and application, often refers to the next stage of the internet that is further decentralized and accessible.
The influx of cash arrives as crypto
Meanwhile, other crypto assets like NFTs have also seen valuations drop and sales volumes slow down as more hawkish central bank policies have created an overall shift away from risk assets.