Japan’s Binance establishes $1bn blockchain fund

Binance Lab, the venture builder of cryptocurrency platform Binance, has launched a fund worth $1bn to back blockchain-related projects.

Binance is a platform which operates over 30 cryptocurrency exchanges and is led by CEO Zhao Changpeng. The company was founded in China but has since moved to Japan amid increasing restrictions and now has a market cap of over $1bn.

See also:

More than just Bitcoin: blockchain technology in China

Chinese cryptocurrency exchange Huobi announces $1bn blockchain fund

Japan’s biggest messaging app, LINE, to launch crypto exchange

The fund will invest using Binance’s BNB cryptocurrency tokens. It will work with up to 20 fund management partners which must be long-term investors possessing over $100mn in assets.

The company will also take into account whether the investors have a strong belief in developing blockchain technology and cryptocurrencies.

The launch of the fund was announced by Ella Zhang, head of Binance Lab, at an online conference.

Binance Lab’s first incubation project will be a blockchain-based ride-hailing project stated by Chen Weixing, the founder of Kaudi Dache which has since merged with Didi Chuxing.

 

Share

Featured Articles

Exec interview: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best new books that will make you a better leader

From inspiring CEO memoirs to strategic guides, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better boss

5 Mins With: Jeff Li, founder and CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

Workplace special – the changing nature of the office

Leadership & Strategy

Meet Shanique Bonelli-Moore, DEI leader at Clorox

Sustainability

Forterro CEO Dean Forbes – inspirational leadership

Leadership & Strategy