The venture capital arm of crypto exchange Binance, Binance Labs has raised $500 million to establish a fund that will invest in blockchain firms and Web3. According to a blog post on Wednesday, DST Global Partners, Breyer Capital, Whampoa Group and other private equity funds all partook in the raise.

Binance CEO Changpeng ‘CZ’ Zhao said that the objective of the newly closed investment fund is to support and discover projects and founders with the potential to create and lead Web3 across NFTs, DeFis, Metaverse, gaming, social and more. The fund will make investments across firms in three stages namely, early-stage venture, incubation, and late-stage growth.

Binance Lab’s fund is the latest in a string of currently established cryptocurrency funds by venture capitalists, with Andreessen Horowitz (a16z) collecting $4.5 billion the previous week to show confidence in the market despite the current downturn. On Wednesday, the exchange declared the closing of the fund on its website.