HomeCryptoFormer Binance executives launch $100 million venture fund | NEWSRUX

Former Binance executives launch $100 million venture fund | NEWSRUX

Multi-strategy blockchain funding fund Outdated Trend Analysis (OFR) has accomplished its first shut. Led by a number of former executives from Binance, OFR invested in over 50 blockchain tasks in its first yr.

Based on an announcement, Outdated Trend Analysis is now popping out of stealth mode, during which it has been working since its basis in late 2021.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 corporations in several markets, resembling WOO Community, 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 enterprise arm. Zhang stated:

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

Associated: Cointelegraph Analysis launches enterprise capital database

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

On Might 25, enterprise capital big 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.