Binance’s VC Arm, With Over 200 Investments, Focuses on 'Explosive' Potential for Web3
Binance, the world’s largest crypto exchange in terms of trading volume, may have found itself in the crosshairs of the U.S. regulators, but its venture capital (VC) arm, Binance Labs, continues to invest across the Web3 ecosystem. Despite the looming U.S. regulatory uncertainties and a continued bear market, Binance Labs has been able to grow its assets to $9 billion at the end of the first quarter from $7.5 billion last August.
The VC arm expanded because it believes Web3 is still in its early stages and that blockchain technology has yet to see an “explosive” use case outside of financial instruments, Yibo Ling, the chief business officer of Binance Labs, said during an interview with CoinDesk. “We are very much long-term investors in this space. We're not a fly by night – come in, and try to get a quick hit and move on because our core business is obviously long on the entire industry,” Ling said. He also added that his firm looked for investment opportunities that haven’t been rocked by market conditions or potential regulations.
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