Former Binance Executives Launch $100M Fund for Blockchain Startups

Binance’s top executives have unveiled a $100 investment fund that is geared towards investing in Web 3.0 projects and other blockchain-related investments.

A Thursday press release was shared with CryptoPotato. It is a $100 million fund, known as Old Fashion Research (OFR) and a multi-strategy, blockchain investment product that was established in 2021. It is focused on the metaverse and will increase crypto adoption in emerging markets. The fund has invested in over 50 blockchain projects, and has built a diverse portfolio across different blockchain ecosystems. It has also supported a number of innovative projects that focus on the metaverse and increase blockchain interoperability and liquidity. WOO Network, Genopets and Metaverse Magna (MVM), ZetaChain are just a few of the projects. Wayne Fu, who was previously the head of corporate development at Binance, is also leading the fund. Zhang was responsible for some of the most important acquisitions and strategic investments at Binance. These included FTX and WazirX as well as Multicoin Capital and Chiliz.

“We are very excited to emerge from stealth with our fund and help build Web 3.0 dApps. From our Binance portfolio building success, the OFR team has solid knowledge and extensive experience in M&A, investment and incubation. We are passionate builders. We are looking for founders with the same vision and passion as us.

Limited partners, traditional VC funds and family offices are all backing the fund. WEMIX, a global gaming platform, is leading the investment. Wei Zhou, who was Binance’s CFO, will be OFR’s strategic advisor and investor. Jiang Xin will also support the venture arm of the fund. He was responsible for Binance Labs and Launchpad’s major investments deals including Alpha Finance, Moonbeam and Axie infinity.
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