Binance Labs, the venture capital and incubation arm of Binance, which has been sued by US regulatory authorities and faces a wide range of regulatory/operational challenges, has made an investment in the five “best-performing” projects of Season 5 of its Incubation Program.
More than 900 projects “applied for participation this season, with less than 2% of them being admitted into the program.”
The curriculum was tailored “to meet founder needs and enhanced with exclusive ecosystem resources and fireside chats with market leaders.”
Yibo Ling, Chief Business Officer at Binance, said:
“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.”
Throughout the incubation process, the Binance Labs team “offered 1:1 coaching to help incubation projects build viable products and conducted in-depth assessments to form a final investment decision.”
The Season 5 cohort had “the opportunity to make their pitches to an audience of industry leaders and investors on Build The Block, the first-ever metaverse pitching competition where five exceptional projects received funding” from Binance Labs:
- Bracket Labs, a project that builds leveraged structured products on-chain with simple interfaces and innovative, adaptive pricing to vastly improve usability. Bracket Labs has launched BracketX.fi, a platform that helps traders quickly take advantage of volatility in both sideways and trending market conditions.
- DappOS, a project focused on building an operating protocol to lower the barriers to entry to Web3 by creating solutions that improve the usability and accessibility of Web3 applications.
- Kryptoskatt, a project simplifying Web3 finance for users globally with a comprehensive suite of solutions that includes accounting, portfolio management, and tax reporting. Supporting over 2000 DeFi protocols, more than 100 exchanges and wallets, and over 50 blockchains, Kryptoskatt is a one-stop-shop for all Web3 finance needs.
- Mind Network, a full-encryption network built on a patented Adaptive Fully Homomorphic Encryption (FHE) framework to secure all user data, smart contracts, and AI on Web3. It is applied as a decentralized privacy-preserving data lake that offers encrypted high-performance pay-as-you-go data storage and computation.
- zkPass, a composable, privacy-preserving decentralized identity verification solution for Web3 based on multi-party computation (MPC) and zero-knowledge proof (ZKP) technologies. zkPass aims to provide a secure and privacy-preserving identity verification solution for Web3 applications using the latest in cryptographic technology.
As noted in the update, you can stay tuned for the upcoming launch of Binance Labs Incubation Program Season 6.
The firm said:
“We’re currently looking for forward-thinking founders of early-stage projects to join the program. The application process for Season 6 will be open on a rolling basis, so be sure to follow our Twitter account to stay updated on the start of the application season.”
