As of the first quarter, Binance Labs had amassed $9 billion in assets, up from $7.5 billion in August of last year, according to a spokesperson. Its money is invested in over 200 projects from more than 25 countries in six continents. Of those, 50 have been incubated by Binance Labs.
On paper, the venture business has generated significant returns. Binance’s spokesperson said the outfit has delivered a theoretical return of more than 10 times what it has invested. Yet Binance seemingly has no plans to sell. “We’re buying and holding, that’s been the strategy over the past few years. With maybe a handful of exceptions, we haven’t exited,” Ling said.
If realized, those returns would accrue primarily to Binance itself, since the bulk of the capital it invests comes from the exchange giant’s profits. There is also a $500 million fund with external capital in the mix that closed in June last year.
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