Former Binance execs launch a $100 million VC fund
Top execs who previously worked with Binance have taken the step of launching a new VC fund to the tune of $100 million. This money is to be used for startups in the blockchain arena and help in building the next generation of Web 3.o related apps.
The fund named Old Fashion Research is an investment product which will use multiple strategies and was set up in late 2021. The areas of focus are the metaverse and to increase crypto adoption in emerging markets as well. Since its founding, the fund has been operating under the radar and has invested funds in over 50 blockchain-related projects. With a very diverse portfolio, it has many irons in different blockchain systems as well as markets.
OFR is also investing in several innovative projects like Genopets, WOO Network, and ZetaChain to name a few. Heading up the fund are Ling Zhang ex-VP at Binance for M&A and Wayne Fu who was the former corporate development head.
The fund has backing from other traditional VC funding companies, angel investors from within and without the crypto arena. Its biggest backer is WEMIX, the global gaming platform. Binances’ former CEO Wei Zhou will be the fund’s strategic advisor. According to Zhang, the fund is now happy to be out of stealth mode and have visibility while investing and building the next gen of Web 3.0 related dApps. The fund’s team has extensive experience and knowledge in every area – investment, M&A activities and even incubation.