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Cryptocurrency exchange Binance spun off its venture capital arm Binance Labs earlier this year. This strategic decision was made by new CEO Richard Teng, who replaced co-founder and CEO Changpeng “CZ” Zhao in November.
The division identifies, invests in, and empowers blockchain entrepreneurs, startups, and communities, and helps fund industry projects. Recently, Binance Labs reported a valuation of USD 10 billion with around 250 companies in its portfolio. Web3 startups backed by the company include Skymavis, Lifeform, Dusk, Aptos Labs, and Polygon.
Notably, Binance Labs’ website carries a disclaimer stating that it is an “independent venture and not part of the Binance Group.” The spin-off company “licenses the use of trademarks from Binance, but otherwise has no relationship with Binance Group.”
Teng replaced Zhao after he was found guilty of violating U.S. sanctions and money laundering laws.
Binance Labs is led by Binance co-founder Yi-He, with key roles played by Dana H., Alex O., Nicola W., Kenneth C., Andy C., and Max C.
Binance Labs has fully invested in 25 startups in 2023 and has cultivated around 50 portfolio companies to date, including Dune Analytics, Injective Labs, Polygon, and SafePal.
Earlier this week, we announced Season 7 of our incubation program and invested in 7 of the 12 startups in our Season 6 incubation program.
The news first became public on Friday. Neither Binance Labs nor Binance have commented on this development.
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