A group of former executives of cryptocurrency exchange Binance have created a $100 million venture fund with a focus on the metaverse and bringing greater crypto adoption to emerging markets.
- Old Fashion Research (OFR) was formed by Ling Zhang and Wayne Fu, previously Binance’s vice president of M&A and head of corporate development respectively.
- The fund, which was backed by traditional venture capital funds, family offices and angel investors, will focus on the metaverse and crypto adoption in emerging markets.
- “We see a greater potential of crypto adoption in markets where people are still struggling from the underdeveloped finance and banking system,” an OFR spokesperson told CoinDesk. “”We also see the potential of crypto to further change people’s life and work style after seeing the fast growth in Souteast Asia markets.”
- The fund has already invested in over 50 blockchain projects, including a blockchain analytics platform Nansen, trading platform WOO Network and African gaming community Metaverse Magna.
- Despite the troubling conditions that have set in in the crypto markets in recent weeks and months, venture capital does not appear to have been overly spooked. This week Andreessen Horowitz (a16z) formed its fourth fund to invest in crypto companies worth $4.5 billion, more than double the size of its third raised nearly a year ago.