Binance’s venture capital division Binance Labs will stand behind the Oasis ecosystem fund, in hopes of bringing the newest blockchain projects to life.
The Oasis Foundation officially announced that it received funding from Binance Labs, which amounted to a total of $200M. The Ecosystem fund is said to "help propel new projects on the Oasis Network and build the next generation of Oasis apps."
Binance Labs was not the only venture capital firm that backed the project. Other major firms including Dragonfly Capital, Draper Dragon, Hashed, and Jump Capital contributed to the fundraiser.
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In Binance's official report, Head of the Binance Labs Fund Bill Chin said that he has high hopes for the Oasis Network, which will help in terms of Web 3.0 development:
“We are very excited to join the Ecosystem Fund as we believe that Oasis can advance Web 3.0 development due to its scalability and privacy-preserving features. Also, any project building on top of Oasis will also be part of the Web 3.0 innovation.”
The fund is set to ramp up the capabilities on the upcoming Oasis Network applications, with a scalable framework that requires "99% lowers gas fees versus Ethereum", and other blockchain enhancing features.
Binance Labs has funded several other projects that focus on developing blockchain technologies. In late December of 2021, Binance Labs announced that it will be leading a $60M fund for Multichain (earlier known as AnySwap) to support the development of its ecosystem.