Former Binance Executives Launch $100M Fund for Blockchain Startups
Former senior executives at the leading crypto exchange, Binance, recently unveiled a $100 investment fund targeted at investing in Web 3.0 and blockchain projects.
- According to a Thursday press release shared with CryptoPotato, the $100 million fund, dubbed Old Fashion Research (OFR), is a multi-strategy blockchain investment product founded in late 2021. It focuses on the metaverse and will help increase the pace of crypto adoption in various emerging markets.
- Since its founding, OFR has mainly operated in stealth. Still, the fund has already invested in more than 50 blockchain projects and built a diversified portfolio across blockchain ecosystems and geographic markets.
- It has also provided backing for several innovative projects focused on the metaverse and increasing blockchain liquidity and interoperability. These projects include WOO Network, Genopets, Metaverse Magna (MVM), ZetaChain, etc.
- Leading the fund are Ling Zhang, the former vice president of M&A and Investments at Binance, and Wayne Fu, former head of corporate development at the crypto exchange. While at Binance, Zhang led some of the company’s most successful acquisitions and strategic investments, including FTX, WazirX, Multicoin Capital, Chiliz, and CertiK.
“We’re very excited to come out of stealth with our new fund and help build the next generation of Web 3.0 dApps. The OFR team has established solid knowledge and a wide range of experience across M&A, investment, and incubation from our previous successful portfolio building at Binance. Deep down, we are a group of passionate builders, and we are keen to seek founders who share the same long-term vision and passion for the crypto industry, and we are determined to grow with them together,” Zhang said.
- The fund is backed by several limited partners, traditional VC funds, family offices, and angel investors both inside and outside the crypto ecosystem, with global gaming platform WEMIX leading the investment.
- Per the release, Wei Zhou, the former CFO at Binance, will serve as OFR’s strategic adviser and investor. Additionally, the fund’s venture arm will be supported by Jiang Xin, who led Binance Labs‘ and Launchpad’s major investment deals, including Axie Infinity, Moonbeam, Alpha Finance, and others.
