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Binance Labs Launches $500 Million Fund For Web3 Development

Stefan by Stefan
02/06/2022
in Binance News
Reading Time: 2 mins read
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Binance Looks To Return, exchange, zhao, korea
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Binance Labs launches $500 million funds for Web3 development the fund will be backed by DST Global and Breyer Capital so let’s read more today in our latest Binance news.

Binance Labs as the investment arm of the world’s biggest crypto exchange announced a new half a billion-dollar fund and it will be invested in Web3 projects. The fund had major backers as well, like the investment capital firm DST Global and Global venture capital company Breyer Capital which were both involved. Binance Labs launches $500 million funds and said the money will be pumped into projects which can extend the use cases of crypto and drive the adoption of Web3 and blockchain technology. The CEO Changpeng Zhao added:

“In a Web3 environment, the connection between values, people, and economies is essential. If these three elements come together to build an ecosystem, that will accelerate the mass adoption of the blockchain technology and crypto.”

He continued:

“The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more.”

Google Formed A Web3, market, alphabet

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Web3 refers to the next phase of the internet that is envisioned as more decentralized. Web3 apps exist already and use the blockchain networks so the communities behind BTC And Ethereum already claim their technologies will lead the next evolution of the web. Binance Labs reinvested its company capital into crypto projects and already invested in over 100 projects in 2018. it claims that it identifies, invests, and empowers viable blockchain startups, entrepreneurs, and communities.

As recently reported, The crypto exchange announced that Binance staking finished and it completed the first stage of airdropping the new Terra Luna tokens to Terra Luna Classic, AnchorUST, and TerraUSD. The distribution was based on a “pre-attack” and “post-attack” snapshots of the token holders that were taken at block height 7,544,910 on May 7, 2020 UTC and then block height 7,790,000. The users on Binance received new LUNA tokens based on the compensation scheme that was outlined by the developers of Terra.

At the pre-attack time, one aUST had a value of $1.24 while one LUNC was worth $75. At the post-attack time, one USTC and one LUNC were worth $0.0632 and $0.0001434 so at the time of writing, each LUNA token was worth $9.25 so regardless of the timestamp, about 30% of the LUNA tokens were distributed and the remaining 70% will be distributed monthly in the vesting schedule that will start later this year.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: binance developmentbinance exchangebinance fundbinance labsFundweb3web3 development
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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