Binance Labs’ fundraise comes as venture capital investments face headwinds from expectations of interest rate increases.
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Fast facts
- The new fund is backed by institutional investors such as DST Global Partners and Breyer Capital, and family offices and corporates, Binance said.
- Since 2018, Binance Labs has invested in more than 100 projects such as 1inch, Audius, Axie Infinity, and Dune Analytics, according to Binance’s announcement.
- At the time of publishing, the total market capitalization of cryptocurrencies has drained nearly US$1.7 trillion compared with an all-time high in November, according to CoinMarketCap.
- Last week, Andreessen Horowitz raised US$4.5 billion for a crypto fund, the industry’s largest, bringing total digital assets-focused investments by Silicon Valley investment firms to US$7.6 billion.
- Crypto and blockchain-based companies have raised around US$15 billion so far this year, roughly the pace of 2021, The Wall Street Journal said, citing data from PitchBook.
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