Binance crypto exchange has offloaded its venture capital and incubation arm, Binance Labs. The company spun off its venture capital arm earlier in 2024.

Binance Labs announced its independence as a venture capital fund, now overseeing a portfolio valued at over US$10 billion. The fund, which has invested in more than 250 projects across 25 countries, boasts a return-on-investment rate exceeding 14 times.

The venture capital entity has detached from the world’s largest crypto exchange, according to Bloomberg. On its website it not clearly states that it operates independently and is not part of Binance Group. Based on records from the Internet Archive, the change appears to have occurred between February 19 and February 24.

Although the reasons behind this restructuring remain undisclosed, Alex Odagiu, Investment Director at Binance Labs, emphasized that the entity has severed its ties with the broader Binance group. However, it will maintain its licensing agreement to utilize the Binance brand.

Binance Labs has actively been investing with investments in Babylon, Ethena Labs, NFTPrompt, and others.

The spin off which happened end of February before Binance CEO sent out his 100 Day letter was not mentioned by the CEO at all.