The prominent venture arm of the renowned cryptocurrency exchange leader, Binance Labs, has clarified the confusion surrounding the withdrawal of its Abu Dhabi license, asserting that it is unrelated to the Binance trading platform.
Initially obtained for fund management from LPs, the decision was made to return funds due to low utilization. Binance is now redirecting its efforts toward incubating early-stage founders and startups.
Consequently, the company canceled the license, aligning with its revised strategy. Binance extends an open invitation to partners and incubators globally, encouraging collaboration and exploring opportunities together.
This strategic shift underscores Binance’s commitment to supporting and nurturing emerging entrepreneurs and startups on a global scale.