Binance Labs, the venture capital (VC) arm of the Binance cryptocurrency exchange, announced Tuesday that it will contribute to the Oasis Foundation’s $200 million ecosystem development fund, sending a strong signal that major investors remain keen to support Alternative to emerging projects on the blockchain network.

With this investment, Binance Labs joins other prominent venture capital firms in supporting Oasis Network, an alternative smart contract platform designed to compete with Ethereum. As Cointelegraph reported in November, Oasis Foundation initially launches $160 million development fund Attract promising startups to its blockchain. Besides Binance Labs, other prominent VC firms backing the Ecosystem Development Fund include Hashed, Jump Capital, Dragonfly Capital, and Draper Dragon.

Bill Chin, head of the Binance Labs foundation, touted the Oasis Network’s “scalability and privacy-preserving features” and ability to drive Web3 development as reasons to support the project.

Binance Labs has invested in several blockchain projects over the past 12 months. As Cointelegraph reported, the VC firm led a $60 million investment in December. Cross-chain protocol Multichain. A few weeks later, Binance Labs announced its participation Woo Network raises $12 million in Series A funding.

related: OpenSea raises $300 million for crypto market

Venture capital to shine in the blockchain industry with investment firms in 2021 Injecting over $17 billion into crypto-focused projects Through the first 10 months of the year. Even Bitcoin (bitcoin) and the broader cryptocurrency market have experienced volatile price action.

The market turmoil resurfaced in early 2022, with Bitcoin briefly falling below $40,000 and the broader cryptocurrency market plunging.