Binance Labs has announced its independence as a venture capital fund, now overseeing a portfolio valued at over US$10 billion.

The fund, which has invested in more than 250 projects across 25 countries, boasts a return on investment rate exceeding 14 times.

Binance Labs has detached from the world’s largest crypto exchange, according to Bloomberg.

The separation, which took place earlier this year, has led to Binance Labs staff signing separate contracts, distinguishing them from Binance exchange employees.

The venture capital fund is actively seeking to expand its investment in Web3 initiatives and is currently accepting applications for its Season 7 Incubation program until April 15, 2024.

Yi He, co-founder of Binance and head of Binance Labs, emphasized the fund’s commitment to supporting innovative founders across various sectors and ecosystems.