Former Binance Executives Launch $100 Million Web3 Fund

A multi-strategy blockchain investment firm, Old Fashion Research (OFR) has raised $100 million to build the next generation of Web 3.0 decentralized applications.

The OFR is a multi-strategy blockchain investment fund founded by former executives of the world’s leading cryptocurrency exchange company, Binance. The investment fund invests in “promising companies, teams, and ideas that have the power to move the crypto ecosystem forward in a positive and meaningful way”.

Since its founding, OFR had invested in more than 50 companies in different markets, Such as WOO Network, Genopets, Metaverse Magna, MetaDerby and ZetaChain, Investors King understands.

The fund was founded by Ling Zhang, the former vice president of mergers and acquisitions, and investments at Binance; and Wayne Fu, former Binace head of corporate development. Jiang Xin “JX” who led Binance Labs’ and Launchpad’s major investment deals, is heading OFR’s venture arm.

According to Zhang, the firm is seeking entrepreneurs who are passionate about the cryptocurrency industry. He said, “We are keen to seek founders who share the same long-term vision and passion for the crypto industry, and we are determined to grow with them together.”

He continued by saying that “The OFR team has established solid knowledge and a wide range of experience across M&A, investment, and incubation from our previous successful portfolio building at Binance”.

OFR raised funds from a number of major limited partners from inside and outside the crypto industry. The lead investor is gaming platform Wemix, backed by the listed leading gaming company Wemade. Other notable backers include the family office of Gang Wang, JUE Capital, who was the founding investor at DiDi and crypto wallet SafePal.

According to the OFR website, the team will 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. Investments will target early-stage incubation, venture capital, M&A and other special situations.”

Over the years, OFR and others have been the key to driving growth in the Web3 space.