According to a report by Bloomberg, Binance Labs, the venture capital arm of the Binance exchange with assets under management worth billions of dollars, has been separated from the Binance Group and has become an independent entity. It has adopted a similar model to BNB Chain, a blockchain network supported by Binance.
Binance Labs, led by Binance co-founder Ella Zhang, initially relied on profits from the exchange as its main source of funding. It serves as both a risk investor in 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 so far, including Sky Mavis, Aptos Labs, LayerZero, Polygon, and The Sandbox.
The Binance Labs website added a disclaimer at the beginning of 2024, clearly stating that the institution is “an independent venture capital company, not affiliated with the Binance Group, and does not participate in any business operations of the Binance Group (including but not limited to Binance cryptocurrency exchange).” Additionally, Alex Odagiu, the Investment Director of Binance Labs, has confirmed that Binance Labs is no longer part of the Binance Group.
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