The top cryptocurrency exchange Binance has spun off
its venture capital arm, Binance Labs, with a valuation of $10 billion. This
move, orchestrated under the leadership of the exchange’s new CEO, Richard
Teng, marks a notable shift in the company’s operations.
Previously integrated into the broader Binance Group,
Binance Labs will operate as an independent entity, as confirmed by a
spokesperson who spoke to Bloomberg.
Currently, employees at Binance Labs operate under
separate contracts in a similar setup to that at BNB Chain, a digital ledger
supported by Binance. Despite this new arrangement, Binance Labs will continue
to license the Binance brand, ensuring its connection to the renowned
cryptocurrency exchange.
Meanwhile, the crypto community is following the
development within Binance, especially following the company’s recent penalty
worth $4.3 billion and its leadership transition.
Binance Labs is a venture capital investor and an
incubator for early-stage projects. The firm’s portfolio encompasses
approximately 250 projects, including notable names like Sky Mavis, Aptos Labs,
and Polygon. Binance Labs boasts assets valued at over $10 billion.
Expect ongoing updates as this story evolves.
The top cryptocurrency exchange Binance has spun off
its venture capital arm, Binance Labs, with a valuation of $10 billion. This
move, orchestrated under the leadership of the exchange’s new CEO, Richard
Teng, marks a notable shift in the company’s operations.
Previously integrated into the broader Binance Group,
Binance Labs will operate as an independent entity, as confirmed by a
spokesperson who spoke to Bloomberg.
Currently, employees at Binance Labs operate under
separate contracts in a similar setup to that at BNB Chain, a digital ledger
supported by Binance. Despite this new arrangement, Binance Labs will continue
to license the Binance brand, ensuring its connection to the renowned
cryptocurrency exchange.
Meanwhile, the crypto community is following the
development within Binance, especially following the company’s recent penalty
worth $4.3 billion and its leadership transition.
Binance Labs is a venture capital investor and an
incubator for early-stage projects. The firm’s portfolio encompasses
approximately 250 projects, including notable names like Sky Mavis, Aptos Labs,
and Polygon. Binance Labs boasts assets valued at over $10 billion.
Expect ongoing updates as this story evolves.