According to a Bloomberg report, Bill Qian, who supervised venture capital investments and acquisitions at Binance Holdings Ltd., is attempting to raise more than $100 million for a cryptocurrency venture capital fund that he is establishing.
Qian, who left Binance in June of last year to become chairman of Dubai-based crypto firm Cipher Capital, intends to invest in firms focused on web3, a vaguely defined future iteration of the internet that proponents claim would be more decentralized and dependent on blockchain technology.
It is essential to remember that Qian did not depart the company for ‘personal reasons,’ as stated earlier in the previous year. Instead, sources at the time said that he was dismissed from his position after it was discovered during an internal probe that he had accepted bribes in connection with funding applications.
The Open Network (TON) blockchain announced the addition of Qian as a new board member serving as the Chairman of Cipher Capital in their Twitter feed, last year.
According to their report, it was necessary for Qian to contribute to the expansion of the TON ecosystem and guide billions of Web2 users into the realm of Web3 technology. Additionally, before accepting this position, Qian worked for the Asian e-commerce platform JD (NASDAQ:JD).COM as the Head of Investing in Fintech and Technology.
In addition to that, Qian has prior experience working with Trustbridge Partners, a prominent technology-oriented private equity firm. Qian allegedly considers himself a “web-native investor” on the hunt for extraordinary entrepreneurs in the Web3 space.
In related updates, after Susan Wojcicki’s retirement earlier this week, the video-sharing website YouTube, which is owned by Google (NASDAQ:GOOGL), has named Web3-friendly executive Neal Mohan as its next Chief Executive Officer.
After nine years in charge, Wojcicki left YouTube on February 16 and announced plans to launch a “new chapter” centered on family, health, and independent work.
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Source: Cryptocurrency - investing.com
