Monday, December 5, 2022
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Binance Labs to invest in 7 startups

Binance Labs, Binance Exchange’s incubator and venture capital arm, has announced that it will invest in 7 firms during Season 5 of The Most Valuable Builder (MVB) Accelerator Program.

The MVB initiative, co-led by the BNB Chain, focuses on assisting creative projects in establishing their brands on the BNB Chain.

While the current version of the MVB Program is the most competitive, with over 700 people participating, the seven firms that will be backed have proven to be inventive and imaginative, and will be a valuable addition to the Binance ecosystem and beyond.

SpaceID, a startup developing decentralised, censorship-resistant, and open-sourced universal identifiers; Overeality, a protocol developing the infrastructure for Web3 interoperability and scalability; and Multichain Event Protocol, an interoperability communication protocol, are among the projects that will be bootstrapped.

Others include Meta Apes, a free-to-play and win-to-earn mobile strategy game; Velvet Capital, which helps users automatically invest into tokenized portfolios; Web3Go, a multichain open data analytics platform that supports push notifications for on-chain events; and Gameta, a platform that allows users to play various casual games under one roof.

Yi He, Co-Founder of Binance and Head of Binance Labs, commented:

“The MVB Accelerator Program helps creative ideas scale on the BNB Chain so they can fulfil their full potential,” stated Yi He, Binance Co-Founder and Head of Binance Labs. These projects will expand and have a favourable impact on the BNB Chain and the larger crypto ecosystem.”

Binance is currently positioned as a critical point in the digital currency ecosystem, alongside FTX Derivatives Exchange, as the lender of last resort. With the crypto sector roiled by price drops and bankruptcy, financial assistance from Binance and FTX has been depended on as a crucial outlet for struggling firms to get back on their feet.

Binance Labs provided coaching, network assistance, and ecosystem integration aid over the three-month incubation phase. The project’s founders gathered information from industry veterans on a variety of themes. Infrastructure scalability, product innovation, user optimization, tokenomics, and strategic branding are all examples of this. Binance Labs held more than ten workshop sessions on the subject.

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