Binance's investment arm officially splits off, Binance Labs becomes an independent entity

According to Bloomberg, Binance's venture capital arm, Binance Labs, has spun off from Binance to become an independent entity earlier this year.

How did Binance Labs grow to become a $9 billion, most resource-rich venture capital institution in the crypto space?

Binance Labs Becomes Independent Entity

Alex Odagiu, spokesperson for Binance Labs and Director of Investments at Binance Labs, has stated that Binance Labs is not a part of Binance, but operates under the brand authorization of Binance.

The disclaimer at the bottom of the Binance Labs official website states:

Binance Labs is an independent entity and is not a part of the Binance Group, nor does it participate in any business operations of the Binance Group including but not limited to the Binance exchange. Binance Labs uses the Binance trademark under authorization, but has no other relationship with the Binance Group.

Binance Labs Valued at Over $10 Billion

In a post in January of this year, Binance Labs positioned itself as the venture capital arm and accelerator of Binance, with a valuation of $10 billion. It has invested in approximately 250 crypto companies in its portfolio, including Sky Mavis, Aptos Labs, LayerZero, Polygon, and The Sandbox.

A research report by CoinGecko last year indicated that as of September 2023, Binance Labs had made a total of 177 investments, ranking ninth in the industry, on par with Pantera Capital and Digital Money Group, slightly below Animoca Brands.

In comparison, Coinbase Ventures has been more active, making a total of 372 investments during the same period.