On Thursday, Old Fashion Research (OFR), a multi-strategy blockchain investment fund, said that it had launched a $100 million venture fund led by former Binance executives.
According to a press release shared with Finance Magnates, Ling Zhang, who was Binance’s Vice President for M&A and investments, is one of OFR’s founders. Zhang was involved in the acquisition of FTX, WazirX, Swipe.io, Multicoin Capital, Tokocrypto, Chiliz, CertiK and others during his tenure at the company.
OFR’s Founding Managing Partner, Wayne Fu, was formerly the Head of Corporate Development at Binance. He will bring his experience in exchanges and ecosystem partnerships. Jiang Xin heads up the Venture division, which has invested in Axie Infinity, Moonbeam, Alpha Finance, among other startups.
Wei Zhou, the former CFO of Binance and the new CEO of Coins.ph, which is the largest crypto wallet and exchange in the Philippines, will serve both as a strategic advisor and investor in OFR.
“We’re very excited to come out of stealth with our new fund and help build the next generation of Web 3.0 dApps. The OFR team has established solid knowledge and a wide range of experience across M&A, investment and incubation from our previous successful portfolio building at Binance. Deep down, we are a group of passionate builders, and we are keen to seek founders who share the same long term vision and passion of the crypto industry, and we are determined to grow with them together,” Zhang commented.
Other Limited Partners Participated in the Fund
Limited partners from both inside and outside the crypto ecosystem contributed to the funds raised by OFR. The leading gaming company, Wemade is the lead investor in Wemix, the global gaming platform. A notable backer is Gang Wang’s family office, JUE Capital, which also invested in DiDi and SafePal, a crypto wallet.