Recognizes and binds the 7-methylguanosine-containing mRNA cap during an early step in the initiation of protein synthesis and facilitates ribosome binding by inducing the unwinding of the mRNAs secondary structures. Interacts with eif4ebp3l. Expressed in all tissues examined, including gill, fin, heart, intestine, muscle, ovary and testis. Expressed both maternally and zygotically. Zygotic expression persists into the pharyngula stage. Belongs to the eukaryotic initiation factor 4E family.