In line with a recent press release published, [Binance Labs], the venture wing of the major cryptocurrency exchange named Binance, has revealed its initial “batch” of blockchain project from its Incubation Program.
Binance Labs is an initiative that seeks to assist early-stage blockchain and digital assets projects and entrepreneurs through direct investments along with technical guidance. The Binance Labs Incubation Program is an onsite program that was launched earlier in the month of August this year.
Following a try-out tour with over five hundred applicants, [Binance Labs] selected solely eight projects, every of which received around $500,000 USD in seed funding and access to necessary resources and mentors. Over the course of the 10-week program, seven projects have shipped operating products and signed on users, whereas three of those groups have paying customers.
Among others, the eight projects selected by Binance Labs embody hardware wallet SafePal, fictionless logins for DApps, Torus, web security project Nym, and market prediction startup Deaux.
In an AMA [Ask Me Anything] session on Reddit held earlier in the month of June this year, Ella Zhang, Head of Binance Labs, said that decentralization is “the core worth of Bitcoin [BTC] and blockchain.” Explaining further she said that the corporate had launched several initiatives within this direction.
Even in Oct.,[Binance Labs] reportedly invested ample of bucks in decentralized digital content scheme Contentos. The startup is ready to develop a decentralized scheme, which would offer transparency and monetisation of content, without 3rd parties censorship or removal of content.
Last month, Binance launched an analysis division [Binance Research] to conduct “institutional-grade” analysis reports. The division would prepare institutional-grade analysis reports with the ‘objective‘ of improving transparency and quality information within the cryptocurrency area.