Binance Labs Backs Five Startups With BNB Chain

September 11, 2024

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BNB Chain, a community-driven blockchain ecosystem, recently revealed that Binance Labs, a division of Binance, has invested in five top-performing projects from the seventh season of the Most Valuable Builder (MVB) program.

This investment not only showcases Binance Labs’ dedication to nurturing innovation in the blockchain field that creates significant use cases. It also aligns with BNB Chain’s goal of bringing onboard the next billion Web3 users.

The Binance Labs Bet, Main Essence

BNB Chain partnered with Binance Labs and CMC Labs to introduce the MVB program, a highly competitive initiative. This accelerator program identifies, supports, and showcases the most promising projects and builders in the blockchain space. Similarly, in March, Andreessen Horowitz (a16z) Crypto, a venture capital firm, launched a Web3 startup accelerator.

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This year’s participants were provided with a specialized curriculum for Web3 projects, which offered mentorship from top experts and access to a $300,000 BNB Chain Launch-as-a-Service (LaaS) package for growth and support. Following a thorough assessment, 13 top teams were selected for their outstanding abilities and innovation in the Web3 space. Five of these got investments from Binance Labs. These selected startups are Aggregata, Blum, Opinion Labs, SideKick, and Vooi.

Essence of the Selected Startups to Binance’s Web3 Development

Blum is a mini trading app on Telegram tailored for leveraged trading of memecoins and new tokens, targeting a specific but fast-growing part of the crypto market. Binance could tap into this niche, potentially attracting a new user base to its upcoming listing.

Aggregata’s significance to Binance lies in its focus on merging AI data, models and computing into a unified platform. Binance could enhance its capabilities in AI-related technologies, improving data analysis, modeling, and computing processes within its ecosystem.

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Furthermore, Opinion Labs focuses on dynamic opinion and continuous prediction markets. This firm could leverage the startup’s expertise to gather real-time insights for informed decision-making in the crypto space. SideKick serves as a central hub for social interactions and games. Notably, Binance and Animoca Brands introduced a $200 million funding initiative to boost and support blockchain gaming startups on BNB Chain in 2021. This move indicates Binance’s commitment to fostering innovation and growth within the gaming sector,

Lastly, Vooi, a perpetual DEX aggregator that supports both EVM and non-EVM blockchain networks, could potentially enhance Binance’s DEX offerings by providing access to a wider range of blockchain networks, thereby expanding trading options for users within the BNB ecosystem.

The Rise of Web3 Adoption

The increasing adoption of Web3 signifies a shift towards decentralized technologies and the potential for innovative applications across various industries. This trend is paving the way for a more interconnected and efficient digital ecosystem, offering exciting possibilities for the future of technology and finance.