Former Binance executives announce a $100 million cryptocurrency venture. According to statements made by the team on Thursday to TechCrunch, a group of former executives from Binance. One of the largest cryptocurrency exchanges in the world. Has established a venture fund with a capitalization of $100 million.
Old Fashion Research (OFR) established in late 2021 by managing partners Ling Zhang. Who had previously served as the vice president of M&A and investments at Binance. And Wayne Fu, who had previously served as the head of corporate development. At the cryptocurrency exchange. The name of the company derived from the classic cocktail of the same name.
According to what Zhang shared with TechCrunch, the fund will concentrate on the metaverse. And work to increase the acceptance of cryptocurrencies in emerging countries. Such as Latin America and Africa.
According to what Zhang had to say, “we are eager to engage with builders for the long haul.” “We have a significant emphasis on the Southern Hemisphere…. We will pursue all of the emerging areas. But accelerating adoption within those markets is key to both our mission and our vision.
During his time at Binance, Zhang was responsible for a number of strategic acquisitions and investments. Some of these companies include FTX, Multicoin Capital, and CertiK.
The funding came from limited partners, traditional venture capital firms, family offices. And angel investors both within and outside of the crypto community, with the global gaming platform WEMIX serving as the primary investor. As highlighted by Zhang.
The Project has backed 50 blockchain projects
The project has invested in over 50 blockchain projects to this point. Including the blockchain analytics platform Nansen, the trading platform WOO Network. The move-to-earn non-fungible token game Genopets, and Metaverse Magna. Which is Africa’s largest gaming community. Until today, the project was operating in stealth mode.
Zhang stated that “we are strong believers in the metaverse. Not just user activity but also the assets perspective.” “We believe that the very first step toward revolutionizing [our] own identities. And asset management will accomplished through web3.”
OFR will have Wei Zhou, the former CFO of Binance, act as a strategic consultant and investor. Additionally, its venture arm will supported by partner Jiang Xin. Who managed important investment agreements for Binance Labs and Launchpad. Including Axie Infinity, Moonbeam, Alpha Finance, and other companies.
“The market conditions have cooled down a bit since the beginning of the year. And we’re thinking it is more of an opportunity than a difficulty for OFR,” Xin added. “We’re thinking it is more of an opportunity than a challenge for OFR.” “Since [the fund] has just recently been established. We will be able to locate cheaper and more acceptable prices. During the market downturn, during which a lot of bubbles will be popping.”
Former Binance Executives noted a rise in crypto funds
Zhang said she witnessed more money investing in crypto. After seeing the promise of blockchain technology and the crypto ecosystem.
Zhang claimed more VCs are investing in crypto startups. “Crypto is a capital plate revolution. No longer top-down.”
Andreessen Horowitz just unveiled a $4.5 billion crypto fund. One-third of the fund will dedicated to seed investments. More than doubling its previous size.
In recent weeks, a number of mega-funds have established in the crypto industry. Showing that venture capitalists are taking advantage of down markets to invest.
Arianna Simpson, a16z general partner. Told TechCrunch that “it’s probable other firms may pull back.” But that “the magnitude of our new fund testifies to the degree of excitement. And belief we have in this sector.”
Zhang said market downturns help investors decide which bets to make.
“This is the greatest time to discover long-term crypto believers and make investments,” Zhang said.