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Former Binance Executive Launches $100 Million worth of Crypto Metaverse Fund
Jun, 07 2022
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A group of former executives of Binance
launched a $100 million venture fund named Old Fashion Research (OFR) to focus
on the Metaverse and bring more Crypto adoption to regions with emerging
markets.
The $100M Crypto fund is planned to spur the
adoption of Crypto in Latin America and African markets. Wayne Fu, former head
of corporate development, and Ling Zhang formed the crypto fund in late 2021.
Zhang, Binance’s former vice president of
M&A and investments initiated and oversaw many of Binance’s most significant
acquisitions and investments, including FTX, Sipe.io, Multicoin Capital,
WazirX, and CertiK.
The purpose of the fund is to accelerate
crypto adoption by putting resources into Blockchain projects. The traditional investment
capital funds, limited partners, family offices, and angel investors support
OFR. However, the main investor is the global gaming platform, WEMIX.
Even though it has just barely started, OFR
has accomplished the achievement of over 50 ventures.
A portion of the blockchain projects that
got financing from OFR incorporates profound liquidity exchanging platform WOO
Network, blockchain analytics stage Nansen, move-to-earn NFT game Genopets, and
Metaverse Magna, the biggest gaming community in Africa.
Another Binance executive dealing with the
OFR project is Wei Zhou who was the CFO at Binance and is the current CEO of
Coin. ph. Zhou will act as ORF’s strategic advisor and investor. Jiang “JX” Xin
is liable for its venture arm.
In the teams’ discussion with TechCrunch,
Xin said, “The market conditions have cooled down a bit since the beginning of
the year, and we’re thinking it is more of an opportunity than a challenge for
OFR.”
He added, “Since [the fund] is newly
started, we can find cheaper and more reasonable valuations during the market
downturn, and a lot of bubbles will be coming out.”
About the present status of the market,
Zhang remarked that it’s the best period for the company to identify the Crypto
space as long-term believers, make more ventures, and brood additional projects.
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Indrani bose
CBW - External Analyst
INDIA
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