Binance Labs, the venture capital (VC) arm of cryptocurrency exchange Binance, announced on Tuesday that it will contribute to the Oasis Foundation's $ 200 million ecosystem development fund, sending a strong signal that major investors were still interested. In supporting emerging projects in alternative blockchain networks.
With the investment, Binance Labs joins other prominent venture capital firms in backing the Oasis Network, an alternative smart contract platform that aims to compete with Ethereum. As Cointelegraph reported in November, The Oasis Foundation initially launched a $ 160 million development fund to attract promising startups to your blockchain. In addition to Binance Labs, other notable venture capital firms supporting the ecosystem development fund include Hashed, Jump Capital, Dragonfly Capital, and Draper Dragon.
Bill Chin, who heads the Binance Labs fund, touted Oasis Network's "scalability and privacy features", as well as its ability to advance Web3 development, as reasons to support the project.
Binance Labs has invested in various blockchain projects in the last 12 months. As Cointelegraph reported, in December, the venture capital firm led a $ 60 million investment round in Multichain cross chain protocol. A few weeks later, Binance Labs announced that it had participated in Woo Network's $ 12 million Series A Funding Round.
Related: OpenSea Raises $ 300 Million for Encrypted Digital Marketplace
Venture capital caused quite a stir in the blockchain industry in 2021, with investment firms injecting more than $ 17 billion into crypto-focused projects during the first 10 months of the year. Investment flows were constant throughout the year, even when Bitcoin (BTC) and the cryptocurrency market as a whole experienced turbulent price action.
Market turbulence has resurfaced in early 2022, with Bitcoin briefly dipping below $ 40,000 and the broader crypto markets bleeding heavily.
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