A group of former executives of cryptocurrency exchange Binance have created a $100 million venture fund with a focus on the metaverse and bringing greater crypto adoption to emerging markets.
Old Fashion Research (OFR) was formed by Ling Zhang and Wayne Fu, previously Binance's vice president of M&A and head of corporate development respectively.
The fund, backed by traditional venture capital funds, family offices and angel investors, will focus on the metaverse and crypto adoption in emerging markets.
"We see a greater potential of crypto adoption in markets where people are still struggling from the underdeveloped finance and banking system," an OFR spokesperson told CoinDesk. "We also see the potential of crypto to further change people's life and work style after seeing the fast growth in Southeast Asia markets."
The fund, whose name was inspired by the Old Fashioned cocktail, according to the fund's website, has already invested in over 50 blockchain projects. These...
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