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Former Binance Execs Bag Whopping $100M for Old Fashion Research

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Binance 1
26
May
  • Blockchain investment firm Old Fashion Research has raised $100 million in funding.
  • Wemix and JUE Capital were among the limited partners who invested in OFR.
  • OFR founders are former Binance executives.

For the first time since its founding, Old Fashion Research (OFR), a multi-strategy blockchain investment firm, comes out of the shadows, raising $100 million to build the next generation of Web 3.0 decentralized applications (dapps).

In a release shared with CoinQuora, OFR secured the venture fund from major limited partners from within and outside the blockchain and crypto industry. The investment round was led by Wemix, a global gaming platform backed by Wemade.

JUE Capital of the Gang Wang family office was also one of the OFR backers behind the venture fund. JUE Capital was the founding investor at DiDi, a Chinese transport company, and crypto wallet Safepal.

According to JUE Capital, they chose to invest in OFR for its proven track record and experience of its key executives. Notably, OFR is spearheaded by former Binance senior leaders who, in 2021, founded the OFR Group.

Former Binance executives Ling Zhang, Wayne Fu, Jian Xin, and Wei Zhou now steer OFR Group to support crypto-native founders through the life-cycle of their projects. During their time with Binance, they have contributed to the company’s prominence as leaders in their respective departments.

Zhang said:

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.

“We are a group of passionate builders, and we are keen to seek founders who share the same long-term vision and passion for the crypto industry,” added Zhang. “We are determined to grow with them together.”

Since its founding last year, Old Fashion Research has been operating without much fanfare, investing in over 50 blockchain projects in stealth mode. It has built a diversified portfolio across blockchain ecosystems and geographic markets.

OFR supported projects including trading platform WOO Network, move-to-earn NFT game Genopets, Africa gaming community Metaverse Magna (MVM), free-to-play P2E MetaDerby, and smart contract platform ZetaChain.

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