A group of former executives from Binance, one of the largest cryptocurrency exchanges globally, has created a $100 million venture fund, the team told TechCrunch on Thursday.
Old Fashion Research (OFR) – whose name is derived from the classic cocktail – was founded in late 2021 by managing partners Ling Zhang, who was previously the vice president of M&A and investments at Binance, and Wayne Fu, former head of corporate development at the crypto exchange.
The fund will be focused on the metaverse and bringing greater crypto adoption to emerging markets like Latin America and Africa, Zhang said to TechCrunch.
“We are keen to work with builders for the long run,” Zhang said. “We are very Southern Hemisphere-focused. … We’ll go after all of the emerging markets, but it’s our goal and vision to accelerate adoption there.”
While at Binance, Zhang was responsible for many acquisitions and strategic investments, including FTX, Multicoin Capital, and CertiK.
The capital was raised by...
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