Binance today announced a strategic investment to Multicoin Capital, a cryptocurrency hedge fund and venture capital fund. The exchange emphasizes that this is the first investment of this nature for it.
Through its investment, Binance becomes a limited partner at Multicoin Capital. In the future, the exchange promises to work closely with the fund to explore opportunities in the blockchain space, “including development and expansion in the market.”
“Multicoin Capital has played a primary role in some of the biggest success stories in the cryptocurrency industry,” said Binance CEO Changpeng Zhao. “They work extremely hard on their investments and have learned to identify emerging projects that will have an impact on public markets.”
According to the press release, Binance has worked with Multicoin Capital in the past, mainly on finding, supporting and investing in early stage blockchain projects.
Multicoin Capital’s investors also include Ribbit Capital, Union Square Ventures, Andreessen Horowitz managing partner Marc Andreessen and Craft Ventures founder David Sachs. The fund’s portfolio includes projects and firms such as Algorand, Bakkt, Dfinity, Solana, Tagomi, NEAR, and The Graph.
The terms of cooperation between Binance and Multicoin Capital were not disclosed.
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