Binance’s VC Arm Wants to Raise an Outside Fund

As the head of Binance Labs, the venture arm of crypto exchange Binance, Bill Qian is already quite busy. Using Binance’s balance sheet, the venture team has led deals such as Wednesday’s $150 million funding round for Axie Infinity-developer Sky Mavis. But it has set its ambitions on doing much more. 

In a video interview from Dubai, Qian said the firm is raising a fund that will include at least one outside investor. The interest, said Qian, is to have “selective, external [limited partners] and build up that relationship as well.”