Binance Labs, the incubation and Venture Capital arm of Binance Exchange, has announced it will invest in 7 startups under the Season 5 of The Most Valuable Builder (MVB) Accelerator Program.
Co-led by the BNB Chain, the MVB program focuses on helping innovative projects establish their brands on the BNB Chain.
While the current iteration of the MVB Program is the most contested, with over 700 people participating, the seven startups that are bound to be backed are proven to be ingenious and innovative and will make a good addition to the current Binance ecosystem and beyond.
The projects that will be bootstrapped include SpaceID, a startup building decentralized, censorship-resistant, and open-sourced universal identifiers; Overeality, a protocol building the infrastructure for Web3 interoperability and scalability; Multichain Event Protocol, an interoperability communication protocol.
Others include Meta Apes, a free-to-play and win-to-earn mobile strategy game; Velvet Capital which makes DeFi sleeker and safer by helping users invest into tokenized portfolios automatically; Web3Go, a multichain open data analytics platform that supports push notifications for on-chain events, and; Gameta, a platform that allows users to play different casual games under one roof.
“The MVB Accelerator Program helps innovative projects scale on the BNB Chain so they can reach their full potential,” said Yi He, Binance Co-Founder who was appointed as the Head of Binance Labs, “Binance Labs supports founders on their product, operations, community, and capital needs. These projects will grow further and positively impact the BNB Chain and the broader crypto ecosystem.”
Binance currently occupies a pivotal point in the digital currency ecosystem today and is approached alongside FTX Derivatives Exchange as the lender of last resort. With the crypto industry roiled up with price slumps and bankruptcies, financial prop-up from Binance and FTX has been relied on as a major avenue for embattled startups to get back on their feet.
Image source: Shutterstock
Source: https://blockchain.news/news/binance-labs-to-invest-in-7-startups-from-the-mvb-accelerator-program