Crypto industry investment plans highlighted
Binance launches venture capital fund
Fidelity Digital Assets plans to double headcount
The announcements follow comments from FTX and Ripple on their search for acquisitions
Crypto exchange Binance is launching its own venture capital fund, according to press reports on CNBC. The company’s venture arm, Binance Labs s,aid it has raised $500 mln to invest in companies building Web3.
Despite this year’s decline in crypto asset prices, a Binance spokesperson said there is, “no current impact on early-stage private markets”. The announcement follows those we highlighted yesterday from FTX and Ripple indicating they are looking at acquisition targets.
Crypto price declines have “improved” asset valuations
These moves by some of the higher profile entities in the digital asset business demonstrate notable interest to continue to invest and grow in the space, perhaps even trying to capitalize on the “improved” valuations brought about by the decline in crypto asset prices.
Plans for organic growth at Fidelity Digital Assets
Separately, Fidelity Digital Assets announced plans to add 210 new positions to the division, which would essentially double its headcount, according to a Reuters article which cites a company spokesperson. While separate from the acquisition/investment plans noted by Binance, FTX and Ripple above, Fidelity’s plan for organic growth is another encouraging sign for the medium-term growth trajectory for the industry.
On the charts:
Bitcoin (BTC) has built upon its recent gains, hitting three-week highs, trading above $32,000 and remains reasonably well supported at mid-week. Near-term support should be found at the $30,500 area, designated by the series of highs established over the past two weeks. Ether (ETH) has fared less well but instead continues to consolidate the losses incurred in the first half of May and trading below psychological resistance at the $2,000 level.
Original source: www.einpresswire.com/sources/u466736
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