Binance Labs Launches $500 Million Fund For Web3 Development

Binance Labs launches $500 million funds for Web3 development the fund will be backed by DST Global and Breyer Capital so let’s read more today in our latest Binance news.

Binance Labs as the investment arm of the world’s biggest crypto exchange announced a new half a billion-dollar fund and it will be invested in Web3 projects. The fund had major backers as well, like the investment capital firm DST Global and Global venture capital company Breyer Capital which were both involved. Binance Labs launches $500 million funds and said the money will be pumped into projects which can extend the use cases of crypto and drive the adoption of Web3 and blockchain technology. The CEO Changpeng Zhao added:

“In a Web3 environment, the connection between values, people, and economies is essential. If these three elements come together to build an ecosystem, that will accelerate the mass adoption of the blockchain technology and crypto.”

He continued:

“The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more.”

Web3 refers to the next phase of the internet that is envisioned as more decentralized. Web3 apps exist already and use the blockchain networks so the communities behind BTC And Ethereum already claim their technologies will lead the next evolution of the web. Binance Labs reinvested its company capital into crypto projects and already invested in over 100 projects in 2018. it claims that it identifies, invests, and empowers viable blockchain startups, entrepreneurs, and communities.

As recently reported, The crypto exchange announced that Binance staking finished and it completed the first stage of airdropping the new Terra Luna tokens to Terra Luna Classic, AnchorUST, and TerraUSD. The distribution was based on a “pre-attack” and “post-attack” snapshots of the token holders that were taken at block height 7,544,910 on May 7, 2020 UTC and then block height 7,790,000. The users on Binance received new LUNA tokens based on the compensation scheme that was outlined by the developers of Terra.

At the pre-attack time, one aUST had a value of $1.24 while one LUNC was worth $75. At the post-attack time, one USTC and one LUNC were worth $0.0632 and $0.0001434 so at the time of writing, each LUNA token was worth $9.25 so regardless of the timestamp, about 30% of the LUNA tokens were distributed and the remaining 70% will be distributed monthly in the vesting schedule that will start later this year.