Former Binance Executive Launches $100M Venture Fund

Former Binance executive launches a $100 million venture fund completing its first close as we are about to read more in our latest Binance news.

Old Fashion Research has been functioning since late 2021 as a multi-strategy blockchain investment fund. Led by a former Binance executive, OFR invested in more than 50 blockchain projects during the first year.
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As per the announcement, Old Fashion Research is coming out of stealth mode where it was operating since its foundation in 2021. since that time, OFR put money in more than 50 companies in different markets like WOO Network, Metaverse Magna, MetaDerby, Genopets, and ZetaChain.

The fund was founded by Ling Zhang as the former VP of mergers and acquisitions but also investmetns at Binance as well as former Binance head of corporate development Wayne Fu and Jiang Xin who led the Launchpad investment deals and headed the OFR venture arm. Zhang said:

“We are keen to seek founders who share the same long-term vision and passion for the crypto industry, and we are determined to grow with them together.”

OFR raised funds from plenty of limited partners from inside and outside of the industry. The lead investor is a gaming platform Wemix which is backed by the listed leading gaming company Wemade. Other backers include the family office of Gang Wang and JUE Capital who was founding the investors at DIDI and wallet SafePal. The venture capital giant 16z announced the closure of the fourth crypto fund at $4.5 billion and the news came less than a year after Andreessen Horowitz announced the launch of the $2.2 billion Crypto Fund III.

As recently reported, The world’s biggest exchange Binance added support for Layer-2 Ethereum scaling solution Optimism and because of it, the exchange will only support deposits at this time while withdrawals are not available until the exchange achieves optimal liquidity. Optimism is a layer-2 scaling solution for ETH that is aimed at helping reduce costs and to improve transaction speeds as an Achilles heel for most blockchain networks. So far, Ethereum became the main hub for various DEFI and NFT activities, and the costs on the network surged amid the market volatility with the popular NFT drops or due to the emergence of a new yield farm. Scaling solutions such as Optimism, Polygon, and Arbitrum all emerged to solve these issues precisely.