Binance Labs, the cryptocurrency exchange’s venture capital (VC) arm, announced on Tuesday that it will contribute to the Oasis Foundation’s $200 million ecosystem development fund. Sending a strong signal that major investors are still interested in supporting emerging projects on alternative blockchain networks.
Binance Labs joins a number of other well-known venture capital firms in funding the Oasis Network. An alternative smart contract platform that aims to compete with Ethereum. Oasis Foundation created a $160 million development fund in November to entice promising firms to its blockchain. Other major VC firms that have backed the ecosystem development fund include Hashed, Jump Capital, Dragonfly Capital, and Draper Dragon, in addition to Binance Labs.
The Oasis Network’s “scalability and privacy-preserving qualities”. As well as its ability to accelerate Web3 development. Highlighted by Bill Chin, the head of the Binance Labs fund.
Over the last year, Binance Labs has invested in a number of blockchain initiatives. As previously reported, the venture capital company led a $60 million funding round in cross-chain protocol Multichain in December. Binance Labs stated a few weeks later that it has taken part in Woo Network’s $12 million Series A fundraising round.
In 2021, venture capitalists poured over $17 billion into crypto-focused ventures in the first ten months of the year. Making a big mark in the blockchain industry. Despite the fact that Bitcoin (BTC) and the broader cryptocurrency market suffered volatile price action, investment flows remained consistent throughout the year.
At the start of 2022, market turmoil reappeared. With Bitcoin temporarily falling below $40,000 and the larger crypto markets bleeding badly.