According to Bloomberg, Binance Labs, the venture capital arm of the Binance exchange with a scale of tens of billions of dollars in assets under management, has been spun off from the Binance Group and became an independent corporate entity, working closely with the Binance-backed blockchain The chain network BNB Chain adopts a similar model.
Binance Labs is led by He Yi, the co-founder of Binance. It initially used the profits of the exchange as its main source of funding. It is both a venture investor and an incubator for cryptocurrency projects, focusing on supporting new startups and blockchains built on BNB Chain. Technology related projects. Binance Labs has invested in approximately 250 projects to date, including Sky Mavis, Aptos Labs, LayerZero, Polygon, and The Sandbox, among others.
Binance Labs’ website clearly states in a disclaimer added in early 2024 that the institution “is an independent venture capital firm and is not affiliated with Binance Group nor involved in any business operated by Binance Group (including but not limited to Binance Cryptocurrency exchange)”. In addition, Binance Labs investment director Alex Odagiu also confirmed that Binance Labs is no longer part of the Binance Group.
This article Binance Labs has been spun off from Binance Group and is now an independently operated entity first appeared on Zombit.
