- Binance Labs invests in top-performing projects of Season 5 of its Incubation Program, with over 900 projects applying for participation.
- The program’s curriculum is designed to cater to founders’ specific needs, enriched with exclusive resources and industry-leader interactions.
- Bracket Lab, DappOS, Kryptoskatt, Mind Network, and zkPass receive funding in Season 5.
Binance Labs, the incubation and venture capital arm of Binance, revealed its investment in the top-performing projects of Season 5 of its Incubation Program. This season witnessed an overwhelming response, with over 900 projects applying for participation. However, only a select few, comprising less than 2% of the total applicants, were granted admission into the program.
Binance Labs took to Twitter to announce the investment:
We’re excited to announce we’ve invested in 5 incubation projects from our program!@Bracket_Labs_ @dappOS_com @kryptoskatt @mindnetwork_xyz @zkPassSeason 6 coming soonhttps://t.co/8pLzyU760v— Binance Labs Fund (@BinanceLabs) June 20, 2023
In its blog post, Binance Labs stated the curriculum offered in the program was meticulously designed to cater to the specific needs of the founders. It was further enriched with exclusive ecosystem resources and engaging chats featuring industry leaders.
The Season 5 cohort had an exclusive opportunity to showcase their ideas at “Build The Block,” the metaverse pitching competition, where five exceptional projects were chosen to receive funding from Binance Labs.
Bracket Lab, DappOS, Kryptoskatt, Mind Network, and zkPass are the five projects that stood out to Binance Labs due to their exceptional potential and innovative ideas.
During the entire incubation process, the Binance Labs team reportedly provided personalized 1:1 coaching to assist the incubation projects in developing viable products. They also conducted thorough assessments to make proper investment decisions.
Yibo Ling, Chief Business Officer at Binance, claimed:
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 is currently preparing for the highly anticipated launch of Season 6 of its Incubation Program. Visionary founders of early-stage projects are encouraged to apply, as the application process will be open on a rolling basis.
Meanwhile, the French authorities are probing Binance’s French subsidiary due to allegations of engaging in acts of money laundering. This development adds to the existing challenges faced by the global cryptocurrency exchange, as it is already entangled in a lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC).
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