| Binance Labs Raises $500M Crypto Fund (Binance): Last week we reported on the $4.5 billion crypto fund launched by a16z, the legendary Silicon Valley VC firm.
This week, Binance threw another $500 million onto the pile.
Binance Labs, the venture arm of the global crypto exchange, announced a new $500 million fund to invest in blockchain and Web3 companies. Like a16z's fund, it's a land grab: they will invest in any promising blockchain company, at any stage of development.
Investor takeaways: These funds are blasting a torrent of money into the Web3 space, which will have several likely outcomes.
1) Venture capital firms, like all investors, tend to move in herds. So when the sharpest minds are flooding into Web3, expect many more to follow. $5 billion is just the beginning.
2) Entrepreneurs will go where the money is. We're about to see a golden age of Web3 (which is what a16z said in their blog post, which we predicted would be a self-fulfilling prediction).
3) Web3 is now officially a thing. This "Internet of Value" -- enabled by blockchain technology, digital wallets, and decentralized applications -- is here to stay.
If you're new to Web3, check out our Hands-On DeFi Workshop where we walk you through how it works, and how to invest. (Premium access) | 