Binance Labs Accelerates Web3 With Strategic Investments

• Binance Labs selects only 2% of applicants, empowering promising projects.
• Strategic investments by Binance Labs shape the future of Web3 ventures.

Binance Labs, the venture capital and incubation arm of cryptocurrency exchange Binance, has recently announced its investment in the projects that performed the best in Season 5 of its renowned Incubation Program.

Out of more than 900 project applications received, only a select few, representing less than 2% of the total, were admitted into the program. Throughout the season, these chosen projects benefited from a tailored curriculum designed to meet the specific needs of the founders. They also had access to exclusive resources from the Binance ecosystem and engaged in enlightening fireside chats with industry leaders.

Yibo Ling, Chief Business Officer at Binance, expressed the organization’s commitment to empowering early-stage projects that can contribute to the industry’s advancement. Ling stated, “Binance Labs remains dedicated to empowering scalable early-stage projects that contribute to the advancement of the industry. We look forward to witnessing the positive impact of Season five’s incubated projects on the broader Web3 ecosystem.”

Meanwhile with the Binance King’s green flag, the selected projects have gained additional recognition.

Projects Funded by Binance Labs

• Bracket Labs: This project focuses on building leveraged structured products on-chain, featuring user-friendly interfaces and innovative pricing mechanisms.
• DappOS: Dedicated to creating an operating protocol that reduces the barriers to entry for Web3 applications by improving their usability.
• Kryptoskatt: Simplifies Web3 finance for global users through a comprehensive suite of solutions, including accounting, portfolio management, and tax reporting. 
• Mind Network: Constructs a fully-encrypted network using a patented Adaptive Fully Homomorphic Encryption (FHE) framework to ensure the security.
• zkPass: Provides a composable, privacy-preserving decentralized identity verification solution for Web3 applications, based on multi-party computation (MPC) and zero-knowledge proof (ZKP) technologies. 

The Build The Block event marked the culmination of Season 5. It is where the cohort presented their projects to industry leaders and investors. Consequently, Binance Labs decided to provide funding to five exceptional projects that exhibited remarkable potential. These projects cover various sectors of Web3, including decentralized finance (DeFi), infrastructure, tooling, and middleware. 

Following the success of Season 5, Binance Labs is now preparing for the launch of Season 6 of its Incubation Program.