Reading time: ~2 m
Former executives of cryptocurrency exchange Binance have created a fund worth $ 100 million, focused on investments in the blockchain.
The fund, called Old Fashion Research, was reportedly founded in late 2021 by Binance’s former vice president of mergers and acquisitions, Ling Zhang and Wayne Fu, who previously headed Binance’s corporate development department. While at Binance, Zhang led the exchange’s acquisitions and investments in FTX, Multicoin Capital and CertiK.
Since its inception, the fund has not advertised its work, but has already supported more than 50 blockchain projects, including the Woo Network trading platform, the NFT Genopets game and the ZetaChain smart contract platform, created to interact with omnichannel networks.
We are thrilled to step out of the shadows with our new foundation and help create the next generation of dApp Web 3.0,” zhang said.
Our team has solid knowledge and extensive experience in mergers and acquisitions, investments and incubation thanks to our previous successful portfolio creation at Binance.
The launch of the fund appears to be timely, as venture capital firms continue to raise huge sums for blockchain investments despite the drawdown of the cryptocurrency market. On Wednesday, Andreessen Horowitz (a16z) announced the creation of a $4.5 billion fund to support cryptocurrency and blockchain startups.
#Binances #employee #fund #invested #startups
