While binance faces regulatory pressure and was briefly involved in the FTX drama, its venture capital arm BinanceLabs stayed focused on long-term Web3 investments, amassing $9 billion in assets. BrandyBetz reports
amid the fast-moving disaster. A cascade of events following that, eventually led to the current gloomy market environment.
“We were always surprised by the level of investment that [FTX] made in their VC arm, as well as their marketing,” said Ling. “We’re obviously much bigger than they are, and we were looking at how they were spending money and how we were spending money and we were just scratching our heads on how they had the resources available to do what they did,” he added.
“There’s no way to draw a line between the two points of where we’re at, and where [FTX is] at,” he said.Binance Labs has over 200 portfolio companies from over 25 countries and 50 of those projects were incubated through Binance programs.
Asked what crypto sectors will have the strongest positions coming out of the bear market, Ling highlighted decentralized finance and infrastructure projects that make it easier for developers and users to make the transition from Web2 to Web3.
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