Monday, January 30, 2023

Former Binance executives launch $100 million venture fund


Multi-strategy blockchain funding fund Old Fashion Research (OFR) has accomplished its first shut. Led by a number of former executives from Binance, OFR invested in over 50 blockchain initiatives in its first yr.

According to an announcement, Old Fashion Research is now popping out of stealth mode, during which it has been working since its basis in late 2021. Since that point, OFR put cash in additional than 50 firms in numerous markets, akin to WOO Network, Genopets, Metaverse Magna, MetaDerby and ZetaChain.

The fund was based by Ling Zhang, the previous vp of mergers and acquisitions, and investments at Binance; and Wayne Fu, former Binace head of company growth. Jiang Xin “JX” who led Binance Labs’ and Launchpad’s main funding offers, is heading OFR’s venture arm. Zhang stated:

We are eager to hunt founders who share the identical long-term imaginative and prescient and keenness for the crypto business, and we’re decided to develop with them collectively.”

Related: Cointelegraph Research launches venture capital database

OFR raised funds from a lot of main restricted companions from inside and outdoors the crypto business. The lead investor is gaming platform Wemix, backed by the listed main gaming firm Wemade. Other notable backers embody the household workplace of Gang Wang, JUE Capital, who was the founding investor at DiDi and crypto pockets SafePal.

On May 25, venture capital large a16z introduced closing its fourth cryptocurrency fund at $4.5 billion. The information got here lower than a yr since Andreessen Horowitz introduced the launch of its $2.2 billion Crypto Fund III.