Crypto Exchange Binance Launching $1 Billion Venture Capital Fund: Local Reports

According to Hong Kong-based news outlet China Money Network, Ella Zhang — head of Binance Labs — announced the fund this week at an online meetup, explaining that it will both make direct investments in startups and invest in other blockchain funds.

Binance will make the investments using its BNB token, which currently has a market cap of nearly $1.6 billion and will serve as the native currency of the firm’s planned public blockchain.