• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

A Group Of Former Binance Top Executives Have Teamed Up To Launch A $100 Million Venture Fund Targeted At The Metaverse And Crypto Development

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
May 26, 2022
in Uncategorised
Share on FacebookShare on Twitter

A $100 million venture fund has been created by a group of former Binance executives. Binance is one of the world’s biggest cryptocurrency platforms. Founded in 2021, Old Fashion Research (OFR) was founded in 2021 by managing partners Ling Zhang – former vice president of M&A and Investments at Binance, and Wayne Fu – former head of corporate development at Binance.

The venture fund will be used to increase cryptocurrency adoption in emerging markets such as Latin America and Africa, and be used to focus on the metaverse as well, Ling Zhang said. “We are keen to work with builders for the long run. We are very Southern Hemisphere-focused. … We’ll go after all of the emerging markets, but it’s our goal and vision to accelerate adoption there.”

While he worked at Binance, Ling Zhang played important roles in acquiring other companies and making strategic investments in others.

“Old Fashion Research is a multi-strategy blockchain investment fund founded by executives from the world’s leading cryptocurrency exchange,” the company’s website reads.

“We focus on value-added investments where we can deploy our expertise, resources, and network to drive growth and success of ecosystems and their leading players. Our investments cover early-stage incubation, venture capital, M&A, and other special situations.”

The funding was led by global gaming platform WEMIX and saw the participation of limited partners, traditional venture capital funds, family offices, and angel investors. The project has been operating in stealth until the latest announcement. It has invested in more than 50 blockchain projects including crypto, NFTs, gaming, and the metaverse.

“We’re strong believers in the metaverse, not just user activity but the assets perspective. We believe web3 will be the very first step to revolutionize [our] own identities and asset management;” Ling Zhang said.

Binance’s former chief financial officer Wei Zhou will serve as a strategic adviser and investor of OFR. Jiang Xin who led Binance Labs’ and Launchpad’s major investment deals such as Axie Infinity, Moonbeam, Alpha Finance, and others, will support the venture arm.

“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. 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,” Jiang Xin said.

“Crypto itself is a revolution and disruption of the capital plate. It’s no longer centralized in a top-down approach. More and more VCs are looking for ways to invest in crypto projects,” Zhang said.

“This is the best timing for us to identify the long-term believers in the crypto space and is the best timing to make investments and incubate more projects,” he added.

Related Posts:

  • prompt-site-icon-6421
    Binance Raises $500 Million Via Its Venture Capital…
  • Binance Now Allows Naira Deposits And Withdrawals Irrespective Of The crypto Ban
    Binance Now Allows Naira Deposits And Withdrawals…
  • In The Wake Of FTX's Collapse, Binance Sets Aside $1 Billion Crypto Industry Fund To Assist Struggling Players
    In The Wake Of FTX's Collapse, Binance Sets Aside $1…
  • Binance-Changpeng-Zhao
    FTX: Binance Sets Aside $1b Crypto Industry Fund To…
  • This Latest Crypto Hack Sees $100 Million Worth Of…
  • The Dutch Central Bank (DNB) Fines Crypto Exchange Binance 3.3 Million Euros For Offering Services Without Being Registered
    The Dutch Central Bank (DNB) Fines Crypto Exchange…
  • Nigeria And Binance In Talks To Launch Digital Economic Hub To Develop Blockchain Technology
    Nigeria And Binance In Talks To Launch Digital…
  • Binance Explains Why Withdrawals Were Paused

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges May 8, 2025
    • Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo May 8, 2025
    • Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier May 8, 2025
    • WhatsApp Developing AI Chat Wallpapers & Message Summaries May 8, 2025
    • Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts May 8, 2025
    • Central Bank of Nigeria Approves Open Banking Launch This August. Here’s what to Know May 8, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (576) artificial intelligence (419) business (482) china (132) cryptocurrency (209) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (709) government (469) instagram (173) internet (466) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (835) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    May 8, 2025
    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    May 8, 2025
    MTN Recovers ₦32 Billion in USSD Fees

    Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier

    May 8, 2025
    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    May 8, 2025
    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    May 8, 2025
    Central Bank of Nigeria Approves Open Banking Launch This August. Here’s what to Know

    Central Bank of Nigeria Approves Open Banking Launch This August. Here’s what to Know

    May 8, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok