Binance Labs focuses on Web 3.0 coin projects, decentralized finance (DeFi) and several Blockchains focusing on cross-chain capabilities.
Web 3.0 coin project rises with news of Binanace Labs’ investment
Binance Labs, the venture capital (VC) arm of Binance cryptocurrency exchange, said on Tuesday, Oasis Foundation announced that it will contribute $200 million in ecosystem development funding, sending a strong signal that major investors are willing to support emerging projects in alternative blockchain networks.
By Investment Binance Labs is joining other leading VC firms to support Oasis Network (ROSE), an alternative smart contract platform aimed at competing with Ethereum. As Kriptokoin.com reported in our previous news, Oasis Foundation has launched an initial $160 million development fund to attract promising startups to Blockchain. In addition to Binance Labs, other notable VC firms supporting the ecosystem development fund include Hashed, Jump Capital, Dragonfly Capital and Draper Dragon. After the news, the altcoin price surged more than 25% on a daily basis.
Bill Chin, head of Binance Labs fund, cited Web 3.0 coin project Oasis Network’s ‘scalability and privacy protection features’ as reasons to support the project. ‘ and praised his ability to advance Web3 development. Binance Labs has invested in several blockchain projects in the past 12 months. In December, the VC firm spearheaded a $60 million investment round in the cross-chain protocol Multichain. A few weeks later, Binance Labs announced that it has joined Woo Network’s $12 million Series A funding round. Venture capital made a huge splash in the blockchain industry in 2021, with investment firms pumping more than $17 billion into crypto-focused projects over the first 10 months of the year.