Crypto Investor Binance Splits from Venture Capital Arm
Earlier this year, Binance quietly split from its venture capital division, Binance Labs, and established as an independent entity now valued at $10 billion. This change in operation became effective on March 15 under Binance’s newly appointed Chief Executive Officer, Richard Teng, who assumed the role four months ago.
A disclaimer announcing the split was published on the website saying, “Binance Labs is an independent venture and not part of the Binance Group nor is it involved in any of the businesses operated by the Binance Group (including but not limited to the Binance cryptocurrency exchange).”
Following the effect of this change in operation, personnel at Binance Labs now operate under separate employment agreements from Binance exchange staff. This is in line with the arrangements that are effective at the Binance-backed blockchain network, BNB Chain.
In an unexpected move, #Binance has spun off its venture capital arm, Binance Labs, into an independent entity valued at $10 billion.
This strategic decision aims to enhance operational efficiency and growth under the leadership of CEO Richard Teng. Despite the separation,…
— Satoshi Talks (@Satoshi_Talks) March 15, 2024
Investment Director at Binance Labs, Alex Odagiu noted that they are no longer affiliated with the Binance group. He said this while clarifying that the venture capital entity would continue to use the Binance brand under a licensing agreement.
Binance Labs has invested in over 250 projects since it launched. There are many companies in its portfolio that’s been impacted by this transition into an independent firm. Some are industry giants like PancakeSwap, Polygon, Sky Mavis, and Curve DAO. Aptos Labs, LayerZero, and The Sandbox are some of the other
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