Former Binance executives launch $100 million venture fund
Old Fashion Research has been functioning since late 2021, but now officially comes out of the shadows.
Multi-strategy blockchain investment fund Old Fashion Research (OFR) has completed its first close. Led by several former executives from Binance, OFR invested in over 50 blockchain projects in its first year.
According to an announcement, Old Fashion Research is now coming out of stealth mode, in which it has been operating since its foundation in late 2021. Since that time, OFR put money in more than 50 companies in different markets, such as WOO Network, Genopets, Metaverse Magna, MetaDerby and ZetaChain.
The fund was founded by Ling Zhang, the former VP of mergers and acquisitions, and investments at Binance; and Wayne Fu, former Binace head of corporate development. Jiang Xin “JX” who led Binance Labs’ and Launchpad’s major investment deals, is heading OFR’s venture arm. Zhang said:
We are keen to seek founders who share the same long-term vision and passion for the crypto industry, and we are determined to grow with them together.”
OFR raised funds from a number of major limited partners from inside and outside the crypto industry. The lead investor is gaming platform Wemix, backed by the listed leading gaming company Wemade. Other notable backers include the family office of Gang Wang, JUE Capital, who was the founding investor at DiDi and crypto wallet SafePal.
On May 25, venture capital giant a16z announced closing its fourth cryptocurrency fund at $4.5 billion. The news came less than a year since Andreessen Horowitz announced the launch of its $2.2 billion Crypto Fund III.