Binance Spun Off Venture Capital Arm Earlier This Year
Cryptocurrency exchange Binance has spun off its venture capital arm, Binance Labs, in a significant move by new CEO Richard Teng.
Binance Labs is an independent venture not part of the Binance Group, licensed to use its trademark but having no other relationship with the Binance Group.
Teng took over after Changpeng “CZ” Zhao, who co-founded the company, pled guilty to charges of breaking sanctions and money-transmitting laws in the U.S. The appointment was seen as a move towards greater regulatory compliance at Binance.
In a February blog post, Binance Labs identified itself as the venture capital arm and accelerator of Binance, with a valuation of $10 billion and around 250 companies in its portfolio.
Research by CoinGecko found that Binance Labs had made 177 investments as of September 2023, ranking ninth most active among its peers. Coinbase Ventures was the most active crypto venture capital company in the period, with 372 investments.
(With inputs from Shikha Singh)
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