The venture capital (VC) arm of the Binance crypto exchange, Binance Labs, announced on January 11, 2022, that it will contribute to Oasis Foundation’s $200 million ecosystem development fund. The VC Company has now thrown a huge signal that major investors were still willing to back emerging projects on various alternative blockchain networks.
Binance Labs has now thrown its weight behind various blockchain projects focusing on Web3, decentralized finance, and cross-chain capabilities. With the latest investment, Binance Labs now joins other prominent VC companies in supporting the Oasis Network, an alternative smart contract platform that aims to compete with Ethereum.
Based on reports that emerged in November 2021, Oasis Foundation originally launched a $160 million development fund to attract promising startups to its blockchain. Apart from Binance Labs, the other notable VC companies that support the network development fund include Jump Capital, Draper Dragon, Hashed, and Dragonfly Capital.
The head of the Binance Labs fund, Bill Chin, commented on the Oasis Network’s “scalability and privacy-preserving features,” and its ability to advance Web3 development, as the primary reasons for backing this project.Buy Crypto Now
Binance Labs Invests In Many Blockchain Projects
This venture capital firm has already invested in multiple blockchain projects in the last 12 months. Based on reports that emerged in December 2021, Binance Labs led a $60 million investment round into the cross-chain protocol Multichain. Several weeks later, the VC firm confirmed that it had successfully participated in Woo Network’s $12 million Series A funding round.
Venture capital made a significant splash in the blockchain sector last year, with investment companies putting in more than $17 billion into crypto-focused projects in the first 10 months of 2021. Their investment flows were continuous in the entire year even as Bitcoin (BTC) and the general crypto industry experiences some turbulent price action.
Market turbulence has come up once more at the start of this year, with Bitcoin dropping below $40,000 shortly and the wider crypto markets bleeding majorly.