September 26, 2022
Former Binance executives launch $100M crypto fund

A group of former executives from Binance, one of the largest cryptocurrency exchanges globally, has created a $100 million venture fund, the team told TechCrunch on Thursday.

Old Fashion Research (OFR) — whose name is derived from the classic cocktail — was founded in late 2021 by managing partners Ling Zhang, who was previously the vice president of M&A and investments at Binance, and Wayne Fu, former head of corporate development at the crypto exchange.

“We are keen to work with builders for the long run,” Zhang said. “We are very Southern Hemisphere-focused. … We’ll go after all of the emerging markets, but it’s our goal and vision to accelerate adoption there.”

The capital was raised by limited partners, traditional VC funds, family offices and angel investors both inside and outside the crypto ecosystem, with global gaming platform WEMIX leading the investment, Zhang noted.

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