Binance Labs raises $500 million for Web3 push

Binance Labs has announced a $500 million fund raise to invest in Web3 and blockchain companies. DST Global Partners, Breyer Capital, Whampoa Group, and other private equity funds participated in the round. The fund will invest in firms at all stages of development: incubation, early-stage venture, and late-stage growth. Earlier, Andreessen Horowitz (a16z) raised $4.5 billion last week to show confidence in the market despite the recent downturn.