The value of assets under management of the venture division of Binance is estimated at $9 billion as of the end of the first quarter of 2023. About it The Block said Yibo Ling, business director of the cryptocurrency exchange.
According to him, the lawsuit CFTC against the group by the company and its head Changpeng Zhao “does not affect” the work of Binance Labs. He noted that since August 2022, the volume of assets under management of the division has grown by 20%. Funds have been invested in more than 200 projects – 50 of them are graduates of the internal incubator.
Ling said that the venture business of the exchange brings significant profits. According to him, the average theoretical profitability of the project is more than ten times higher than the invested funds.
“We buy and hold, that’s been the strategy for the last few years. With rare exceptions, we have not gone out of business,” he added.
Amid pressure from U.S. regulators, Binance Labs has reduced the number of transactions in the region, according to The Block.
Ling also spoke about the procedure for listing assets on Binance. He emphasized that this process is “separated” from other activities of the exchange.
“Listing related part [бизнеса] we certainly keep apart from others, including those associated with Labs and BNB Chain […]. The focus is on good projects, and the presence or absence of investment from Labs or the connection to BNB is frankly irrelevant,” he explained.
Ling does not see the bearish phase as bad for the industry. According to him, during such periods, weak projects leave the market, and strong players get the opportunity to attract talented specialists.
In November 2022, Binance Labs committed $1 billion to the Web3 Recovery Fund. The business director of the exchange said that since that moment the structure has provided financing to 14 companies, about 60 more candidates are under consideration.
Recall that in April 2023, Binance.US withdrew an application for the purchase of assets of the crypto broker Voyager Digital.
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The value of assets under management of the venture division of Binance is estimated at $9 billion as of the end of the first quarter of 2023. About it The Block said Yibo Ling, business director of the cryptocurrency exchange.
According to him, the lawsuit CFTC against the group by the company and its head Changpeng Zhao “does not affect” the work of Binance Labs. He noted that since August 2022, the volume of assets under management of the division has grown by 20%. Funds have been invested in more than 200 projects – 50 of them are graduates of the internal incubator.
Ling said that the venture business of the exchange brings significant profits. According to him, the average theoretical profitability of the project is more than ten times higher than the invested funds.
“We buy and hold, that’s been the strategy for the last few years. With rare exceptions, we have not gone out of business,” he added.
Amid pressure from U.S. regulators, Binance Labs has reduced the number of transactions in the region, according to The Block.
Ling also spoke about the procedure for listing assets on Binance. He emphasized that this process is “separated” from other activities of the exchange.
“Listing related part [бизнеса] we certainly keep apart from others, including those associated with Labs and BNB Chain […]. The focus is on good projects, and the presence or absence of investment from Labs or the connection to BNB is frankly irrelevant,” he explained.
Ling does not see the bearish phase as bad for the industry. According to him, during such periods, weak projects leave the market, and strong players get the opportunity to attract talented specialists.
In November 2022, Binance Labs committed $1 billion to the Web3 Recovery Fund. The business director of the exchange said that since that moment the structure has provided financing to 14 companies, about 60 more candidates are under consideration.
Recall that in April 2023, Binance.US withdrew an application for the purchase of assets of the crypto broker Voyager Digital.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!