Bitcoin btc
$ usd

Former Binance Executive Has $100M Plan For Web3 Mass Adoption

2 mins
Updated by Ali M.
Join our Trading Community on Telegram

In Brief

  • Dubai-based Venture Capitalist, Cypher Capital, is seeking to invest $100 million in Web3 companies.
  • Bill Qian, the chairman of Cypher Capital has experience working as Global Head of fundraising for Binance Labs.
  • Will Qian deploy Chinese funds in Web3 startups?
  • promo

A former Binance boss, Bill Qian, is seeking to invest $100 million in companies to bring five billion internet users over to Web3.

After the collapse of the once second-largest cryptocurrency exchange FTX, the crypto market hit new lows. As major Web3 companies collapsed one after the other, fear gripped the market. Hence, venture capitalists (VCs) and retailers diverted funds from the crypto market during the prolonged winter, with VC money gradually sinking quarter on quarter in 2022.

The declining VC investment in Web3
Source: Bloomberg

However, 2023 brought rays of hope for crypto investors as the broad market recovered from lows. Bitcoin, the largest cryptocurrency by market capitalization, has rallied almost 50% this year. Hence, VCs’ excitement to deploy funds in Web3 firms is back, and mass adoption of Web3 is their end goal.

Former Binance Head of Fundraising Bill Qian Plans Big for Web3

According to a Bloomberg article, Bill Qian, the chairman of Dubai-based Cypher Capital, wants to invest over $100 million in Web3 startups. However, Qian is looking to invest only in the companies that can deliver Web3 mass adoption.

Qian believes that currently, Web3 is all about investing or gambling for the masses. Hence, he is looking to deploy funds to companies that can bring the most internet users to Web3.

The investment portfolio of Bill Qian's Cypher Capital
Source: Cypher Capital

He hinted that he would approach Asian technology tycoons for funds. Meanwhile, China has turned into Quantitative Easing mode as the Central Bank injected $92 billion into the market. The industry experts and the community believe that the next bull run will be led by Chinese money.

Before joining Cypher Capital in Sep. 2022, Qian was the Global Head of Fundraising for Binance Labs. According to the official website, Cypher Capital has invested $250k to $1 million in “numerous forward-thinking companies.” The company is based in Dubai, the city which is working to regulate cryptocurrencies with the ambition of becoming a crypto hub.

Got something to say about Bill Qian or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here


In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...