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The Fund that now has a corpus of $200 million will see a significant increase post the investment by Binance Labs.
Binance Labs, the venture capital (VC) arm of one of the largest cryptocurrency exchanges Binance made an announcement revealing its interest in the Oasis Ecosystem Fund. The Fund that now has a corpus of $200 million will see a significant increase post Binance Lab’s contribution. The Oasis Ecosystem Fund is designed to help developers and entrepreneurs build on the Oasis network and thus power the next upsurge in Oasis applications that includes but is not limited to DeFi, Metaverse, data tokenization, NFTs, data governance, Data DAO, etc. It will help in the development of projects that will be a part of the overall Web 3.0 innovation ecosystem.
What Makes the VC Believe in the Vision of Oasis Foundation?
The Head of Binance Labs Fund Bill Chin elaborated on the VC’s trust in the vision of Oasis and truly believes it to work for the advancement of Web 3.0 owing to its scalability and privacy features. Besides, Oasis has proved itself to be the ideal network for DeFi applications thanks to its high output, eco-friendly mechanism compared to its top competitor Ethereum, instant finality, defense against MEV and privacy protection feature.
The Oasis Fund is not the first project to have got the support of Binance Labs. The latter, in the past, has invested in several projects in the blockchain domain like its investment into Multichain, the rebranded cross-chain protocol and in the Series A funding round organised by Woo Network. The blockchain industry has seen an upward trend with respect to innovation and investment throughout 2021. Venture capital firms have invested over $17 billion on crypto-based projects in just the first 10 months of 2021.
Some other key participants contributing to the fund comprise Draper Dragon, Pantera Capital, AME Cloud Ventures, Electric Capital, Dragonfly Capital Partners, etc. The investment by Binance Labs is integral to attracting more venture capitalist firms and other investors to begin financing several crypto-based products and platforms.
Binance Labs and the Oasis Ecosystem Fund
Binance Labs is the innovation and investment arm of the cryptocurrency exchange Binance that identifies worthwhile blockchain startups and entrepreneurs and strategically invests and empowers them to contribute towards the larger blockchain ecosystem. It sees itself as supporting fast-executing teams who have the potential to impact the crypto ecosystem positively.
Oasis is a layer-1 blockchain network that is increasingly becoming popular due to its scalable, privacy and environment-friendly features. It is one of the most successful decentralized networks with top most security features and a highly sophisticated and safe architecture. The Oasis Ecosystem Fund will support projects on the Oasis network in order to power scalable DeFi, revolutionizing Open Finance to open the platform to a larger market and not just limited to traders. The Oasis network is already powering multiple projects such as the BMW Group, Balancer, CryptoSafe Alliance with Binance, Chainlink, and so on. It is also counted amongst the top three blockchains with the most investments and has proved to be one of the booming developer networks in the blockchain industry.
Blockchain is an emerging technology area and the last year has proven how fast it is being adopted by both crypto enthusiasts and the mainstream. A lot of companies have been investing in their in-house blockchain-based units and with the continuous evolution of technology, blockchain is here to stay. This is the best time to invest in blockchain as it is a booming industry that will yield bigger results in the future.