According to Bloomberg, Binance Labs, the venture capital arm of the cryptocurrency exchange Binance, has been spun off from the Binance Group and established as an independent entity, adopting a similar model to Binance’s supported blockchain network, BNB Chain.
Led by Binance co-founder He Yi, Binance Labs initially relied on profits from the exchange as its main source of funding. It serves as both a risk investor for cryptocurrency projects and an incubator, focusing on nurturing new startups and blockchain-related projects built on BNB Chain. Binance Labs has invested in approximately 250 projects to date, including Sky Mavis, Aptos Labs, LayerZero, Polygon, and The Sandbox.
The website of Binance Labs added a disclaimer at the beginning of 2024, clearly stating that the institution “is an independent venture capital firm, not affiliated with the Binance Group, and is not involved in any business operated by the Binance Group (including but not limited to Binance cryptocurrency exchange)”. Additionally, Binance Labs Investment Director Alex Odagiu confirmed that Binance Labs is no longer part of the Binance Group.
