Binance to allocate $500M in Web3 development

Binance Exchange allocated $500 million to bring next-level development works in crypto, blockchain & Web3. 

Binance is the leading global crypto exchange. Due to the quality-based secured crypto services of this exchange, it is standing at first rank globally. The exchange has its hand in almost every type of crypto & non-crypto-based financial business directory & indirectly. The exchange always prefers to provide services in favor of the users. 

Binance Labs, the backend financial investment handler company behind the Binance exchange, launched a $500 million fund in partnership with several global investors to bring huge numbers of development in the Web3 sector as a dominant region.

This fund will focus on use in the short and long-phase basis development works in the crypto & blockchain industry with the inclusion of Web3 as a leading factor. 

Changpeng Zhao, CEO of Binance exchange, also shared his thoughts on this Web3 initiatives-based fund and noted that it will help other Decentralized projects & their founders to produce better products in the crypto industry.

“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.”

Binance Labs subsidiary of Binance exchange was established in 2018 and right now this company has hand in more than 100 companies as a dominant investor. 

The leadership quality of the Binance exchange

However, the majority of the crypto exchanges are a result of better leadership quality corresponding to their CEOs but here Binance exchange is something much unique with its strategy.

Last month, when Terra Ecosystem collapsed then in thay situation Binance exchange openly talked about the negative and positive points.

Later, Binance Exchange came together with TerraForm Labs to launch Luna2.0.

These things are showing that Binance always tries to bring transparency and support to the crypto projects to maintain trust among the crypto Investors toward crypto projects.

Read also: KuCoin showed its presence in Web3 via its new wallet platform