Binance Labs, the venture capital (VC) arm of the Binance cryptocurrency exchange, announced Tuesday that it would contribute to the Oasis Foundation’s $ 200 million ecosystem development fund.
With the investment, Binance Labs, together with other well-known VC companies, supports the Oasis Network, an alternative smart contract platform that wants to compete with Ethereum. As Cointelegraph reported in November, The Oasis Foundation originally launched a $ 160 million development fund to attract promising startups to its blockchain. In addition to Binance Labs, Hashed, Jump Capital, Dragonfly Capital and Draper Dragon are other well-known VC companies that support the ecosystem development fund.
Bill Chin, who heads the Binance Labs fund, cited the “scalability and privacy features” of the Oasis Network and its ability to drive Web3 development as reasons for supporting the project.
Binance Labs has invested in several blockchain projects over the past 12 months. As reported by Cointelegraph, the VC firm led a $ 60 million investment round in December Multichain cross-chain protocol. A few weeks later, Binance Labs announced it was on Woo Network’s $ 12 million Series A funding round.
Related: OpenSea raises $ 300 million for encrypted digital marketplace
Venture capital caused a sensation with investment firms in the blockchain industry in 2021 Pump over $ 17 billion into crypto-focused projects through the first 10 months of the year. Investment flows were constant throughout the year, even as Bitcoin (BTC) and the broader cryptocurrency market saw turbulent price movements.
The market turmoil resurfaced in early 2022, with Bitcoin briefly falling below $ 40,000 and the broader crypto markets bleeding profusely.
