Web 3.0 is an authentic idea for iteration of the World Wide Web based on Blockchain Technology, incorporating concepts such as decentralization and token-based economics. The emergence of Web3 is predicted to provide increased data security, scalability and privacy for users and combat the influence of large tech companies. Web3 from a layman’s point of view is the nothing but better internet. It essentially makes use of blockchains, cryptocurrencies, and NFTs to give the power back to the users in the form of ownership. Since the emergence of cryptocurrencies in the world, the Web3 sector has started to develop at a rapid pace. Many big tech firms are readily investing in Web3 technology.
Binance Labs, the venture capital company, which also happens to be the parent company of Binance crypto exchange made a historic announcement that it has invested around $500 million in the development of Web3. The fund is supported by leading global institutional investors like DST Global Partners and Breyer Capital. The main objective of the funding is to focus on developing the usability of cryptocurrencies and inspire today’s generation to adopt Web3 and Block chain technologies.
The three layers of investments.
Binance Labs follows a three-layer investment pattern and focuses in improving the blockchain, web3. The three different stages are incubation, early-stage venture and late stage growth.
Under Incubation, Binance Labs focuses on connecting projects with Binance’s network of resources, specialists to develop the product and progressively grow over a period of time.
In Early-Stage Venture, the investments are made on equities and tokens, across a diverse sector of cryptocurrency and Web3. The investments include, Defi, NFTs, gaming and many more.
Large Stage growth envision in scaling or bridging Web3 ecosystem by targeting more mature companies for investments.
The $500 million investment made will be allocated across all the three stages equally and will look to market the concept of Web3.
Writer’s Report.
Since the emergence of Cryptocurrency, there has been a lot of talk about web3 and blockchain technology. The recent investment from Binance will help the growth of both Web3 and blockchain substantially. Binance being a venture capitalist and having a company in crypto market will definitely focus on improving the market conditions of crypto. So, the investment in Web3 and blockchain technology is also an attempt by Binance, to take the concept of cryptocurrency to the next level and revolutionize the financial sector around the world.
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