Former executives of Binance, a cryptocurrency exchange platform and a leading name in cryptocurrency and blockchain applications, have announced a $100 million venture fund. The fund will focus on metaverse projects and on projects that can spur cryptocurrency adoption.
What is the Old Fashion Research (OFR)?
The $100 million fund has been named OFR or the Old Fashion Research, inspired by the classic cocktail Old Fashioned. Wayne Fu and Ling Zhang are the former Binance executives behind this million-dollar venture fund.
Zhang worked as the Vice President for Mergers & Acquisitions and Investments at Binance. Fu served as the cryptocurrency major’s Corporate Development Head.
A Palette of Experience on Offer for the OFR
The founders of the fund, Fu and Zhang, bring their cryptocurrency expertise to the venture. Fu is experienced in partnerships in the cryptocurrency exchange and ecosystem market. Zhang was behind significant investments and acquisitions at Binance. Swipe.io, FTX and Tokocrypto are some achievements to Zhang’s credit.
Wei Zhou, another former executive (former CFO) of Binance, will be the strategic advisor for OFR.
Zhou is also an investor in OFR and the current CEO of Coins.ph.
Coins.ph is Asia’s first blockchain-based financial service provider to hold central bank licenses for issuing virtual currency and electronic money.
OFR has other fund providers supporting it, including angel investors, traditional venture capitalists, limited partners and family offices. WEMIX, the gaming platform with an international presence, is the lead investor in OFR.
JUE Capital and Gang Wang’s family office are other significant investors in OFR.
The Proposed Future of OFR
This $100 million venture fund aims to achieve its goal of increasing metaverse presence and cryptocurrency adoption by supporting projects related to blockchain applications. OFR is already funding over 50 projects.
Projects include WOO Network, a trading platform; Nansen, an analytics platform for blockchain; and Genopets, an NFT game based on the play-to-earn model.
Metaverse Magna or MVM, the largest gaming community of the African continent, is another significant investment supported by OFR.
This development is of significance given the recent slump in the crypto market. Despite the downturn, several mega-funding crypto projects are being witnessed. It seems that the venture capital market is not discouraged by this downturn in crypto events. Venture capitalists seem to be intent on making the best of the current market.
In fact, investors such as Zhang believe this period to be the best for investing more in the cryptocurrency space.