Binance raises $500 million to increase use of cryptocurrencies

A fund has been closed with the support of major cryptocurrency investors around the world, such as DST Global Partners and Breyer Capital

Through the platform’s venture capital arm, a fund has closed with the support of major investors around the world.
Binance, the world’s largest cryptocurrency exchange, announced on Wednesday that it has raised $500 million to boost the use of cryptocurrency, blockchain and Web3 technologies.
Through Binance Labs, the platform’s venture capital arm, a fund was closed with the support of major investors around the world, such as DST Global Partners and Breyer Capital.

“In a Web3 environment, the connection between values, people and economies is essential, and if these three elements come together to build an ecosystem, this will accelerate the mass adoption of blockchain and crypto technology,” said Binance founder and CEO , Changpeng ‘CZ’ Zhao. “The goal of the recently closed investment fund is to discover and support projects and founders with the potential to build and lead Web3 in decentralized finance, NFTs, gaming, metaverse, social media and more,” he added.

The Web3 or Web 3.0 concept evokes a new generation of the Internet that would be based on blockchain, a structure composed of elements that contain encrypted data on each transaction, through which non-fungible tokens (NFTs) work. This foundation would help keep data free and distributed on peer-to-peer networks.

Meanwhile, Bitcoin has fallen more than 50 percent since reaching a historic high of nearly $69,000 last November, affecting publicly traded cryptocurrency companies like Coinbase, whose shares have fallen 69 percent since early December of the year.

However, Binance Labs hopes to capitalize on the recent drop in digital assets to find founders to build what the platform considers “the next big thing in technology.”

Originally published at https://www.reddit.com.