Binance's investment division has become independent of the trading platform

The investment division of the Binance cryptocurrency exchange, Binance Labs, which is estimated at $10 billion, has become independent of the trading platform. This is reported by Bloomberg with reference to representatives of the organization.

"Binance Labs has become an independent organization and severed some ties with the larger group. [...] Operationally, independence will make little difference. The main goal will remain the same — to find projects and invest in them," the representative of the division said.

Alex Odagiu, director of investment at Binance Labs, said that the organization "is not part of the Binance group." He added that the venture branch will license the brand.

The Binance Labs website notes that the organization is an independent enterprise that is not part of the Binance Group and does not participate in any business run by the Binance Group, including the exchange.

Bloomberg noted that this event was one of the most notable during the four-month tenure of CEO Richard Teng.

Source: https://incrypted.com/investicionnoe-podrazdelenie-binance-stalo-nezavisimym-ot-torgovoj-platformy/