2024-03-16 15:00:13
Crypto Investor Binance Soars Solo, Valued at $10B In a move that caught the crypto world off guard,
Binance has bid adieu to its venture capital arm,
Binance Labs, and emerged as an independent powerhouse with a staggering valuation of $10 billion. The baton of leadership was passed to the capable hands of CEO
Richard Teng just four months ago.
Brand Breakup: The split was made official on March 15, with Binance Labs making it crystal clear that they are no longer hitched to the Binance Group. However, they'll continue rocking the familiar Binance branding under a licensing agreement.
Separate Paths: As part of this shake-up, the folks at Binance Labs now operate under their own employment agreements, mirroring the setup at the popular BNB Chain. It's all about independence and autonomy!
Impressive Portfolio: Let's not forget the 250+ projects that have received backing from Binance Labs over the years. Giants like PancakeSwap and Polygon have flourished under their wing, while Babylon's Bitcoin staking protocol brought fresh innovation to the table.
Trendy Ventures: Venture capital is all the rage in crypto land, with exchanges like Coinbase and Kraken also jumping on the bandwagon. But fear not, dear Binance fans! This split doesn't seem to be causing any major turbulence in the ecosystem.
BNB Blues: While Binance still rules the roost as the top centralized exchange, its native token BNB took a slight dip post-split. At present, it's trading at $584.31, down by 2.81%. Keep an eye on those charts!
Looking Ahead: With its newfound freedom, Binance Labs remains steadfast in its mission to uncover the next big thing in the crypto realm. The show must go on, and they're not missing a beat.
67.6K views12:00