Binance Raises $500 Million Fund to Invest in ‘Web3' as Crypto Slides Into Bear Market

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Web3 aims to create a new version of the internet based on blockchain technology.

. Binance estimates there are currently around 300,000 to 500,000 active Web3 developers, a number it hopes to grow"substantially."

Binance Labs' investment portfolio includes business news magazine Forbes and Sky Mavis, the company behind popular nonfungible token game Axie Infinity. It was also an investor in Terraform Labs, the embattled Singapore-based start-up behindBinance Labs"always does its due diligence and has strong conviction in its investment strategy," Li said."We know that investing in early stages involves risks," he added."The industry is still young and was younger back then.

In an interview with CNBC earlier this year, Zhao said Binance had"billions ready to invest" in Web3. The trend has been met with. Zhao said he's a believer in the concept, but that it will take time to make it a reality.

 

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