Binance Labs is a venture capital firm focused on Web 3.0 coin initiatives, decentralized finance (DeFi), and several blockchains with cross-chain capabilities.
The Web 3.0 coin concept has risen in popularity as a result of Binance Labs’ investment news.
Binance Labs, the cryptocurrency exchange’s venture capital (VC) arm, stated Tuesday that it will contribute $200 million to the Oasis Foundation’s ecosystem development fund, sending a strong signal that significant investors are eager to back nascent projects in alternative blockchain networks.
Binance Labs joins other top venture capital firms in investing in the Oasis Network (ROSE), a competitor smart contract platform to Ethereum. As Cryptokoin.com previously reported, the Oasis Foundation has announced a $160 million development fund to attract potential Blockchain firms. Along with Binance Labs, the ecosystem development fund is backed by Hashed, Jump Capital, Dragonfly Capital, and Draper Dragon. Following the news, the altcoin price increased by more than 25% on a daily basis.
Bill Chin, head of the Binance Labs fund, cited Oasis Network’s’scalability and privacy-preserving features’ as reasons to support the project. In the last 12 months, Binance Labs has invested in a number of blockchain initiatives. In December, the venture capital company led a $60 million investment round in Multichain, a cross-chain protocol. Binance Labs then announced its participation in Woo Network’s $12 million Series A fundraising round a few weeks later. Venture capital made a significant splash in the blockchain business in 2021, with investment firms investing more than $17 billion in cryptocurrency-related initiatives during the first ten months of the year.