Today, a team of former Binance executives unveiled a $100 million investment fund. The fund, called Old Fashion Research (OFR), has actually been operating unofficially since its inception late last year.
Old Fashion Research (OFR), the investment fund of former Binance executives
Operating under the radar since its creation at the end of 2021, the investment fund Old Fashion Research, composed of former Binance executives, has just revealed itself to the public:
We are happy to announce the launch of $100M multi-strategy fund. OFR is dedicated to helping build the next generation of Web 3.0 dApps and protocols.https://t.co/17rjMwQIhf
– Old Fashion Research (@ofrfund) May 26, 2022
OFR has raised $100 million, which will be allocated to young Web3 projects. Although this first round of financing did not see the presence of the usual large funds of the blockchain universe, it nevertheless includes the majority participation of Wemix. This company is in fact the blockchain branch of Wemade Entertainment, a South Korean video game group listed on the stock exchange.
Since the launch of DRAO, over fifty initiatives have received funding. These include blockchain games, Genopets and MetaDerby.
Ling Zhang, a former Binance executive and now one of the company’s founders, expressed her confidence in the future of this new investment fund:
“We are very excited about the future of OFR.
We are very excited to be stepping out of the shadows with our new fund and helping to build the next generation of Web 3.0 dApps. The DRAO team has a strong background and a wide range of experience in M&A, investment and incubation […] at Binance. “
A year of fundraising
Since the beginning of the year, there have been so many fundraising events that it would be difficult to list them all. Just this week, we learned that a16z was allocating $4.5 billion in new capital for new funding campaigns.
Such dynamics are a good sign in these uncertain times. Indeed, it is during periods of decline that the best deals can potentially be made. In addition, many projects are working on new products that will perhaps perform in the next bull run.
The announcement of the Old Fashion Research fund reaffirms that the attractiveness of the large investors in the ecosystem has not been dented. Let’s not forget that despite the price decline, the fundamentals remain and the technology continues to evolve.
