Binance Labs invests in five projects in its Incubation Program Season 5.
The venture capital arm of Binance, Binance Labs, has invested in five incubation projects featured in the fifth season of its Incubation Program. The program is a chain-agnostic program that focuses on empowering innovative projects to shape the future of Web3. Applications for the 8-week curriculum designed for top-tier founders ended on August 15, 2022.
According to Binance, over 900 projects applied to participate in the fifth season of the Incubation Program. However, less than 2% of the total applied projects were admitted. The selected projects for the latest Binance Incubation event span diverse Web3 sectors. They include tooling, decentralized finance (DeFi), middleware, and infrastructure. Also, Binance Labs designed the curriculum to cater to the founders’ needs. It also offered exclusive ecosystem resources and fireside chats with market leaders. In the official press release, the Chief Business Officer at Binance, Yibo Ling, wrote:
“Binance Labs remains dedicated to empowering scalable early-stage projects that contribute to the advancement of the industry. We look forward to seeing the positive impact of Season five’s incubated projects on the broader Web3 ecosystem.”
Binance Labs Funds Five Projects in Season 5 of the Incubation Program
During the application period, Binance assured that each incubation founder would have access to one-on-one mentoring sessions with industry leaders. In addition, there were promises that the founders would have regular syncs with the Binance Labs team for regular tracking of progress and to seek help and resources. As promised for the program, Binance offered 1:1 coaching through the incubation period. This was to support the incubation projects in building viable products. In addition, the team also conducted in-depth assessments before arriving at a final investment decision. Before Binance chose the five projects to invest in, the Incubation Program applicants presented before industry leaders and investors. The pitching competition was on Build the Block, the first-ever metaverse pitching contest.
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The five exceptional projects that Binance Labs is investing in under the fifth season of the Incubation Program are Bracket Labs, DappOS, Kryptoskatt, Mind Network, and zkPass. While Bracket Labs builds leveraged structured products on-chain with simple interfaces, DappOS focuses on developing operating protocols to reduce hindrances to Web3 entry. DappOS creates solutions that enhance the accessibility and usability of Web3 applications. On the other hand, Kryptoskatt utilized a comprehensive suite of solutions such as accounting, tax reporting, and portfolio management to simplify Web3 finance for users worldwide. Mind Network is a full-encryption network that secures users’ data. As for zkPass, the project aims to offer a privacy-preserving identity verification solution for Web3 applications.
As Binance Labs announces its investment in this season of the Incubation Program, the team has also alerted its audience to look forward to season 6. It said:
“We’re currently looking for forward-thinking founders of early-stage projects to join the program.”
Application for the upcoming season will soon be open, and the team will post more details on its official Twitter account.
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