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Crypto Moves – Bitcoin and Ethereum fall; Binance Labs Raises $500 Million Investment Fund

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Thursday, falling 5.52% to $29,830.77 as of 9:30 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,818.73 down 5.91%, according to data from Coindesk.

Bitcoin falls back below $30,000

Bitcoin traded lower on Thursday, falling 5.52% to $29,830.77. It is down around $1,708.49 from its previous closing price reported on Arab News.

It was down 38.9% from the year high of $48,234 on March 28, according to Reuters.

Binance venture capital arm raises $500 million fund

Binance Labs, the venture capital arm of cryptocurrency exchange Binance, has raised $500 million (SR1.8 billion) for its investment fund focused on blockchain and Web3 companies, according to a statement. .

Thanks to the new fund, cryptocurrencies will be used in new ways and Web3, and blockchain technologies will be adopted more widely.

Investors in the fund include DST Global Partners, Breyer Capital and Whampoa Group, as well as other private equity firms and family offices.

Binance Founder and CEO Changpeng Zhao ‘CZ’ said, “The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and lead Web3 through DeFi, NFT, games, Metaverse, social, and more.”

The $500 million investment fund announced on June 1 is expected to be allocated to projects spanning the three stages in which Binance Labs is investing, the statement added.

Incubation, early-stage enterprise, and late-stage growth are the three stages.

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