Binance Labs has announced the launch of a $500M fund focused on NFTs, gaming, the metaverse, DeFi and social media.
The funding has been mainly provided by DST Global Partners and Breyer Capital. However, extra funding has also been provided by family offices, private equity funds and corporations.
The funds will be allocated to 14 participants in the fourth season of the Binance Labs incubation program. The structure will support startups at all stages of development.
Binance Labs has earlier supported around 500 startups, including Polygon.
Former Binance executives launched last month a $100M fund focused on the metaverse.