OFR closes major funding round with support from ex-Binance executives

OFR closes major funding round with support from ex-Binance executives

By Daniela Kirova - min read

Old Fashion Research (OFR), a multi-strategy blockchain investment fund, has closed a major funding round with support from notable former Binance executives, Coin Journal learned from a press release. OFR announced the launch of a $100 million venture fund.

OFR invested in WOO Network and other notable projects 

The senior executives founded OFR Group in late 2021. OFR has invested in tens of blockchain projects, creating a diversified portfolio across geographic markets and blockchain ecosystems.

Among them is WOO Network, a high-liquidity trading platform with low-cost trading execution. 

High-profile, strategic support 

OFR was cofounded by Ling Zhang, former Vice President of M&A and Investments at Binance. 

He led some of the most successful strategic investments and acquisitions at this position, including FTX, Chiliz, WazirX, CertiK, Swipe.io, Multicoin Capital, and Tokocrypto.  

Ex-Head of Corporate Development at Binance Wayne Fu is the Founding Managing Partner of OFR, bringing his extensive experience in ecosystem partnerships and exchange. 

Ex-Binance CFO Wei Zhou is an investor and strategic advisor to OFR. He is also CEO of Coins.ph, the biggest regulated crypto wallet and exchange in the Philippines.

Inspiring the trust of major limited partners 

OFR raised funds through leading limited partners from inside and outside the crypto industry. The lead investor is Wemix, backed by Wemade, the listed leading gaming company. 

Other notable backers include Gang Wang, the founders of DiDi and SafePal, a leading crypto wallet. 

OFR was chosen because of its executives’ impressive track records and experience. The fund intends to support founders through the life cycle of their business with ideas, networking, proprietary research, and marketing know-how. 

Ling Zhang commented: 

We’re very excited to come out of stealth with our new fund and help build the next generation of Web 3.0 dApps. 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. Deep down, we are a group of passionate builders, and we are keen to seek founders who share the same long-term vision and passion of the crypto industry, and we are determined to grow with them together.