Binance Labs, the accelerator and the venture capital division of Binance, poured capital into a new cryptocurrency venture fund Nomad Capital, continuing its efforts to boost the broader digital assets industry.
Binance Labs Supports Nomad Capital
Nomad Capital has outlined in its blog post that the company takes a proactive approach to assist portfolio companies in expanding and achieving success. Nomad's objective is to provide a diverse means of value to their portfolios, such as product guidance, business expansion, tokenomics planning, talent recruitment, and token launch strategy.
According to the information presented by Binance Labs on Wednesday, the financing terms and the amount allocated for Nomad Capital's development have not been made public.
"Nomad Capital is committed to partnering with our portfolio companies to help them achieve their full potential, "said Erick Zhang, the Managing Partner at Nomad Capital.
"Binance's values and culture have a profound impact on our team and our approach to investing. We are incredibly grateful for Binance's support and trust. This investment will further propel us forward in our mission to advance the growth of the crypto industry."
The venture capital arm of Binance's crypto exchange returned to funding cryptocurrency projects after a really active fourth quarter, when at least four promising digital assets projects obtained additional funds.
Active Q4 2022 for Binance Labs
In December, the company declared that it led the private round II for GoPlus Security, a Web3 security infrastructure provider. The value of the investment has not been disclosed. GoPlus Security provides security solutions for 13 primary blockchains, featuring comprehensive risk detection capabilities. The company's objective is to expand security measures in the Web3 environment, with particular emphasis on tokens, NFTs, dApps, and smart contracts.
A month earlier, Binance Labs invested in two separate crypto projects: NGRAVE crypto wallet and Ultimate Champions. NGRAVE was founded four years ago in Belgium and offers a connectionless hardware wallet with a touch-screen dubbed ZERO, while Ultimate Champions is a Web3 sports game.
On top of that, Binance Labs made a fourth investment in Q4 2022 and led the pre-seed funding round for Ancilla, Inc., a provider of real-time and automated threat detection in the blockchain space and software-as-a-service (SaaS) products.
Binance Labs, which was established in 2018, has funded more than 100 cryptocurrency projects to date. The venture capital division of Binance has recently obtained $500 million in investment funding from institutional investors like Whampoa Group, DTS Global Partners, and Breyer Capital.
