By Elise Hansen (June 1, 2022, 8:07 PM EDT) — Global cryptocurrency exchange Binance said Wednesday that its venture capital arm, Binance Labs, raked in $500 million for an investment fund focused on cryptocurrency and blockchain-based technologies.

The fund will focus on startups at the incubation stage, in their early stages of growth and more established businesses, the announcement said. Binance Labs plans to finance a range of projects that advance “Web3,” a term used in the cryptocurrency industry to describe a more decentralized model for the internet and digital services.

“The goal of the newly closed investment fund is to discover and support projects and founders with the potential to…

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