Binance Sever Ties With its USD 10B Venture Capital Arm The strategic decision was taken by its new CEO Richard Teng who replaced co-founder and CEO Changpeng "CZ" Zhao in November
By Entrepreneur Staff •
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Cryptocurrency exchange Binance earlier this year separated its venture capital arm- Binance Labs. The strategic decision was taken by its new CEO Richard Teng who replaced co-founder and CEO Changpeng "CZ" Zhao in November.
The arm identifies, invests, and empowers blockchain entrepreneurs, startups, and communities and helps them with capital for industry projects. Recently, Binance Labs reported a valuation of USD 10 billion and around 250 companies in its portfolio. A few of its backed Web3 startups include Skymavis, Lifeform, Dusk, Aptos Labs, and Polygon.
Notably, Binance Labs' website now has a disclaimer "an independent venture and not part of the Binance Group." The spun-off entity "is licensed by Binance to use its trademark but otherwise have no other relationship with the Binance Group."
Teng succeeded Zhao after the latter was found guilt of breaching sanctions and money-laundering laws in the States.
Binance Labs is led by Binance co-founder Yi-He and sees Dana H., Alex O., Nicola W., Kenneth C., Andy C., and Max C. play an integral role.
Binance Labs made complete investments in 25 startups in 2023 and so far has incubated about 50 portfolio companies including Dune Analytics, Injective Labs, Polygon, and SafePal.
Earlier this week, announced the Season 7 of its incubation program and has invested in 7 out of 12 Startups from its Season 6 Incubation Program.
The news first became public on Friday. Neither Binance Labs nor Binance commented on this development
