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.
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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.