“Since is newly started, we can find cheaper and more reasonable valuations during the market downturn and a lot of bubbles will be coming out.” “The market conditions have cooled down a bit since the beginning of the year and we’re thinking it is more of an opportunity than a challenge for OFR,” Xin said. Wei Zhou, the former CFO at Binance, will serve as a strategic adviser and investor of OFR, and its venture arm will be supported by partner Jiang Xin, who led Binance Labs’ and Launchpad’s major investment deals such as Axie Infinity, Moonbeam, Alpha Finance and others. “We believe web3 will be the very first step to revolutionize own identities and asset management.” “We’re strong believers in the metaverse, not just user activity but the assets perspective,” Zhang said. The project was operating in stealth mode until today, but has invested in more than 50 blockchain projects to date, including blockchain analytics platform Nansen, trading platform WOO Network, move-to-earn NFT game Genopets and Africa’s largest gaming community, Metaverse Magna.
The capital was raised by limited partners, traditional VC funds, family offices and angel investors both inside and outside the crypto ecosystem, with global gaming platform WEMIX leading the investment, Zhang noted. While at Binance, Zhang was responsible for many acquisitions and strategic investments, including FTX, Multicoin Capital and CertiK. … We’ll go after all of the emerging markets, but it’s our goal and vision to accelerate adoption there.” “We are very Southern Hemisphere-focused. “We are keen to work with builders for the long run,” Zhang said. The fund will be focused on the metaverse and bringing greater crypto adoption to emerging markets like Latin America and Africa, Zhang said to TechCrunch. Old Fashion Research ( OFR) - whose name is derived from the classic cocktail - was founded in late 2021 by managing partners Ling Zhang, who was previously the vice president of M&A and investments at Binance, and Wayne Fu, former head of corporate development at the crypto exchange. A group of former executives from Binance, one of the largest cryptocurrency exchanges globally, has created a $100 million venture fund, the team told TechCrunch on Thursday.
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