Former Binance Exc Launches Cypher Capital

Former Binance Exc Launches Cypher Capital

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An editor at Coincrop

22 Feb 2023 | 5 min read


ill Qian, formerly of Binance, has announced his intent to raise $100 million in order to kickstart a cryptocurrency-based venture capital fund called Cypher Capital. According to Bloomberg, the focus of this endeavour will be on developing crypto start-ups for web3 and internet of things applications. 

Bill Qian, formerly of Binance Holdings Ltd, is hoping to amass over $100 million for his new crypto venture capital fund.

Qian believes that user growth is an imperative element of the crypto sector's advancement, which is why he has established Cypher Capital. This need for substantial development in this area was one of his primary motivations when deciding to found Cypher Capital.

Since his exit from Binance back in June, Qian has been the Chairman of Cypher Capital located in Dubai. He recently divulged to Bloomberg that he will be investing heavily into startups advancing web3 and decentralized internet technologies based on blockchain technology.

According to Qian, the crypto industry is facing a major obstacle in terms of restricted user growth, which he links to cryptocurrency's predominant use for trading or gambling. Therefore, Cypher Capital has chosen to invest its resources into projects that can draw more than 5 billion social media and internet users towards web3 ecosystem. This investment strategy could significantly contribute to the macro acceptance of cryptocurrencies worldwide- an aim Qian strongly believes in.

Qian revealed to Bloomberg that raising money has been far easier than expected this year due to the remarkable growth of digital assets, with Bitcoin increasing by a staggering 50%. He did not disclose whether or not they have confirmed any additional outside investors.

“The macro backdrop for us is way better now than my expectations half a year ago,” he said in the interview. Nonetheless, “money is not cheap anymore.”

Cypher Capital is continuing to expand its operations in the UAE with the addition of Elaine Liu, a former executive at Tencent, to their 10-member team. Last month they opened an office in Dubai Marina as part of their strategy for uncovering lucrative crypto and blockchain startups that may offer exceptional investment possibilities.

Dubai, as well as the United Arab Emirates (UAE) more broadly, is emerging as a hub for the cryptocurrency industry as jurisdictions such as the US tighten regulations in the wake of last year’s scandals, including the collapse of FTX and the legal action against founder Sam Bankman-Fried.

Leading figures in the crypto space, including Binance CEO Changpeng Zhao and Polygon co-founder Sandeep Nailwal, have relocated to Dubai, which recently issued a finalized set of rules for regulating the cryptocurrency sector.



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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.

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