Binance, one of the world’s largest cryptocurrency exchanges, will launch a $1 billion venture renta fund designed to incubate blockchain projects, recinto media outlets have reported.
According to Hong Kong-based news outlet China Money Network, Ella Zhang – head of Binance Labs – announced the fund this week at an online meetup, explaining that it will both make ongezouten investments te startups and invest te other blockchain funds.
Binance will make the investments using its BNB token, which presently has a market cap of almost $1.6 billion and will serve spil the native currency of the firm’s planned public blockchain.
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The very first project to receive onmiddellijk funding from the fresh venture is a fresh blockchain-based ride-hailing app created by Weixing Chen, the founder of ride-hailing service Kuaidi Dache, which zometeen merged with $60 billion company Didi Chuxing.
The “fund of funds,” meantime, will seek out 20 funds ter which to invest. Zhang said that to be eligible funds voorwaarde already have $100 million te assets under management (AUM).
Spil CCN reported, Binance has lately bot embroiled ter a high-profile admitido spat with vooraanstaand VC hard Sequoia Haber, which alleges that the exchange violated an exclusivity agreement by engaging ter funding discussions with other VCs. Binance CEO Changpeng Zhao responded by suggesting that the rock-hard will require projects to disclose their relationship with Sequoia when they apply to have their tokens listed on the trading toneel.
Last month, Zhao penned a blog postbode ter which he excoriated traditional VC firms, arguing that the “vast majority” have “no clue about the projects or field they invest in” and that initial coin offerings (ICOs) are a preferable fundraising method.
Binance presently ranks spil the world’s largest cryptocurrency exchange, with a daily volume of almost $1.6 billion, tho’ OKEx from time to time posts more volume during a rolling 24-hour period.
Binance has not yet made an official announcement, and the stiff did not instantaneously react to a request for comment.
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