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The venture division of Binance announced the launch of the fund for $ 500 million with a focus on DeFi, NFT, games, metaverses and social networks. The partners were DST Global Partners and Breyer Capital, writes The Block.
Funds were also provided by unnamed private equity funds, family offices and corporations.
The structure will support startups at all stages of development.
Initially, funds from the fund will be allocated for 14 participants of the fourth season of the Binance Labs incubation program.
Earlier, the venture division supported about 500 startups, including Polygon, Perpetual Protocol and Dune Analytics.
Recall that in May, former top managers of Binance launched a fund for $ 100 million with a focus on the metaverse.
Earlier, Andreessen Horowitz created a structure for $ 600 million with a similar orientation.
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