Binance is collaborating with the ranks of Ribbit Capital, Union Square Ventures, and Marc Andreessen as backers of Multicoin Capital, a crypto investment firm based in Austin, Texas.
It’s the primary such investment for the worldwide cryptocurrency exchange, that has earlier backed early-stage projects via its Binance Labs venture arm. The amount of the investment wasn’t disclosed.
“We have worked with Multicoin Capital on several occasions, mainly to spot, incubate and invest in several early-stage blockchain projects,” Binance explained within a web-blog post published earlier on Tuesday. “With this new investment, we affirm our conviction in Multicoin’s process & expertise as fund managers.”
A spokesman for Multicoin added that Binance is joining an open-end hedge fund. The firm last revealed a large back THORChain’s RUNE token.
“We have invested thousands of hours researching Binance and might say unequivocally that it’s one among the foremost strategically vital infrastructure providers within the blockchain ecosystem,” Multicoin Capital managing partner Tushar Jain added within a statement. “This investment represents a serious vote of confidence for our firm and a big responsibility that we are prepared to require on.”