Ex-executives from the crypto exchange Binance revealed that a $100 million fund was created for blockchain investments.
According to a Thursday statement, the fund was named Old Fashion Research and was established in late 2021. It was created by Ling Zhang, former Binance VP for M&A, and Wayne Fu (previously Binance head, corporate development). Zhang was the Binance exchange’s chief of M&A and led investments in FTX, Multicoin Capital, CertiK, and CertiK, among other things.
Although the fund was founded in stealth, it has supported over 50 blockchain projects, including Woo Network, move to earn NFT game Genopets, and ZetaChain. This smart contract platform is designed for omnichain interoperability.
Zhang stated in a press release that “We are very excited to emerge from stealth with our fund and help build Web 3.0 dApps.” The OFR team is well-versed in M&A, investment, and incubation and has a wealth of experience from Binance’s previous portfolio building success.
This fund was launched at a time when venture capitalists continue to raise large sums of money for blockchain investments, despite the weakness in crypto markets. Andreessen Horowitz (a16z), announced Wednesday a $4.5 Billion fund for crypto and startups. Standard Crypto raised a $500million fund earlier in the week to invest in both equity as well as crypto.
