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Former Binance VC Head Aims to Raise $100M for Web3-Focused Crypto Fund

Former Binance VC Head Aims to Raise $100M for Web3-Focused Crypto Fund

The former head of venture capital investments and acquisitions at Binance Holdings Ltd. is launching a new crypto venture capital fund called Cypher Capital.

Bill Qian plans to raise over $100 million through the fund, focusing on backing startups focused on web3 and the decentralized internet powered by blockchain technology.

Cypher Capital has hired Elaine Liu, a former executive at Tencent, to bolster its expansion efforts in the UAE.

Qian believes that one of the biggest challenges facing the crypto industry is limited user growth, which he attributes to the predominant use of cryptocurrency for trading or gambling.

To address this issue, Cypher Capital is focusing its investments on projects that can attract more of the approximately 5 billion internet and social media users to the web3 ecosystem. Qian believes this investment thesis can add to the macro adoption of cryptocurrencies worldwide.

READ MORE: Future of Crypto: Why Embedded Finance Matters

The UAE is emerging as a hub for the cryptocurrency industry as jurisdictions such as the US tighten regulations in the wake of last year’s scandals, including the collapse of FTX and the legal action against founder Sam Bankman-Fried as well as the troubles with most crypto lenders.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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