Binance has made an investment in Nomad Capital, a newly established crypto venture fund, as part of Binance’s continued efforts “to support the larger crypto ecosystem.”
As mentioned in their blog post, Nomad Capital adopts “a hands-on approach to help their portfolio projects grow and scale.”
Nomad aims “to deliver value to its portfolio projects in various ways, including product advisory, business development, tokenomics design, talent acquisition, and token launch strategy, among other services.”
Erick Zhang, Managing Partner, Nomad Capital, said:
“Nomad Capital is committed to partnering with our portfolio companies to help them achieve their full potential. Binance’s values and culture have a profound impact on our team and our approach to investing. We are incredibly grateful for Binance’s support and trust. This investment will further propel us forward in our mission to advance the growth of the crypto industry.”
Binance looks forward to collaborating “with like-minded crypto investors and supporting builders to shape the future of the industry.”
As a limited partner, Binance Labs does “not endorse any investments made by the fund.”
In another update, it was noted that on November 24, 2022, Binance launched the Industry Recovery Initiative (IRI) as part of their ongoing effort “to support the crypto industry after a difficult year.”
Three months later, the IRI is “backed by 18 organizations that have jointly committed $1.1 billion.”
At the time of writing, IRI participants have “funded 14 projects, with another 57 in due diligence. Applications for support from the IRI are still open.”
The Industry Recovery Initiative (IRI) has now “been active for three months.”
Binance has provided an update on its progress and you can hear from some of the projects that have received support.
Introduced last year, the Industry Recovery Initiative (IRI) aims to “help rebuild the crypto industry after a difficult year and to protect users.”
Through this program, Binance and a number of other leading industry players, including the likes of Aptos and DWF, agreed “to pledge funds to support worthwhile projects facing short-term financial difficulties as a result of 2022’s market turmoil.”