Ex-Ceo Of Binance Labs To Help VC Firm Choose DeFi TokensAdmin
Dubai-based venture capital firm Cypher Capital hires ex-CEO of Binance Labs to help invest in DeFi tokens and blockchain
Venture capital firm Cypher Capital wants to improve its position in the cryptocurrency market with a native of Binance. About it writes the publication The Information. It is reported that the ranks of the company were joined by the former head of the venture capital company Binance Labs Bill Qian.
As a crypto asset manager, Qian is expected to help Cypher Capital better manage investment capital. Back in March of this year, a UAE venture capital firm launched a $100 million fund to invest in decentralized finance ( DeFi ), metaverses, as well as gaming blockchains. It remains unclear whether the firm has used up all the capital or whether Qian will be responsible for the remaining distribution of money for investments.
According to media reports, by 2025 the firm will receive to increase in the number of assets under management to $1 billion.
As a reminder, Qian left Binance Labs just a couple of days after Binance’s venture arm raised $500 million from DST Global and Breyer Capital to invest in Web3 startups. At the time, Binance Labs CEO of Investments, Mergers and Acquisitions, Ken Lee, said that Binance Labs wants to capitalize on the recent collapse of the cryptocurrency market. What exactly will be the criteria for investment is not yet clear. However, Lee emphasized that the firm is ready to invest not only in company shares but also in project tokens.
Previously, Binance Labs has already made a number of high-profile investments, for example, investing in Sky Mavis, the developers of Axie Infinity. The venture capital firm was also an investor in Terraform Labs, the startup behind the failed Terra ecosystem.