A group of former Binance executives has created a $100 million venture fund to focus more on the metaverse and bring more crypto adoption to emerging markets.
At the press conference today, in late 2021 Ling Zhang, former VP of Binance M&A and before Wayne Fu, head of corporate development at Binance founded by A $100 million fundexistence has been disclosed.
Focusing on blockchain investments Old Fashion Research The fund was meticulously hidden until now. However, the increase in the breakthrough in NFT games seems to have directed the Binance team to explain the fund in question. Indeed, Zhang said in his press release.
We are very excited to step out of privacy with our new fund and help build the next generation of Web 3.0 dApps.
he said.
It is stated that the focus will be on metaverse and crypto adoption, especially in emerging markets such as Latin America and Africa.
The OFR team has built a solid knowledge and broad spectrum of experience in M&A, investing and incubation from Binance’s previous successful portfolios.
said Zhang, continuing his words as follows:
We are more focused on the southern hemisphere. We will go after all emerging markets, but it is our primary goal and vision to accelerate adoption there.
The launch of the said fund is extremely important precisely because it coincides with a time when large sums continue to be collected for Blockchain investments despite the negative trend in the crypto market.
On the other hand, yesterday Andreessen Horowitz (a16z) announced a $4.5 billion fund for crypto and blockchain startups. Recently, Standard Crypto announced that it has raised $500 million to invest in both stocks and crypto.