2024-3-16 00:00 |
Binance spun off its $10 billion venture capital arm, Binance Labs, into an independent entity that will no longer be under the group’s purview weeks ago.
Bloomberg drew attention to the silent change in a March 15 report, which revealed that Binance Labs had added a disclaimer about the change on its website earlier in the year.
Based on snapshots from Archive.org, the venture firm added the disclaimer in late February:
“Binance Labs is an independent venture and not part of the Binance Group nor is it involved in any of the businesses operated by the Binance Group (including but not limited to the Binance cryptocurrency exchange).”
The spin-off is one of the most significant decisions made under the exchange’s new CEO, Richard Teng, since taking over four months ago. He previously headed the exchange’s Singapore division and has no publicly listed role at Binance Labs.
The companies did not respond to a request for comment as of press time, and the reasons behind the decision to split the venture capital division are unclear.
Licensing the brandBinance Labs Investment Director Alex Odagiu told Bloomberg that the venture capital firm operates independently but will continue to use the Binance brand name under a licensing agreement.
Despite its newfound independence, Binance Labs remains dedicated to its foundational mission of discovering and investing in promising crypto projects. Odagiu reaffirmed the commitment, stressing that the venture’s focus on supporting innovation within the blockchain ecosystem remains unchanged.
The separation entails distinct contractual agreements for Binance Labs staff, mirroring the organizational structure seen in other Binance-supported entities such as the BNB Chain.
Bloomberg identified the value of Binance Labs as close to $10 billion. The company’s website indicates that it has supported more than 200 crypto projects over six years. Its portfolio notably includes the top-twenty market cap blockchain Polygon, the metaverse-focused platform The Sandbox, and the decentralized finance platform CurveFi.
Binance reshuffled leadershipThis strategic pivot comes in the wake of Binance’s recent settlement with US regulatory bodies, culminating in a hefty $4.3 billion fine and the replacement of its founder, Changpeng Zhao, with Teng as CEO.
The reorganization appears to be part of a broader strategy to navigate the post-settlement landscape, ensuring compliance and operational resilience.
Under the leadership of Binance co-founder Yi He, Binance Labs has emerged as a pivotal force in the crypto venture capital arena.
Funded primarily through the exchange’s profits, it has established itself as a key player, supporting approximately 250 projects, including notable names like Sky Mavis, Aptos Labs, and Polygon.
The venture operates both as an investor and an incubator, with a focus on nurturing startups across various blockchain ecosystems.
The post Binance Labs spun-off into independent entity outside the Binance group umbrella appeared first on CryptoSlate.
Similar to Notcoin - TapSwap on Solana Airdrops In 2024
Binance Coin (BNB) на Currencies.ru
|
