According to recent updates, Binance Labs has invested in five latest initiatives in the fifth season of its Incubation Programme, a chain-agnostic effort.
Binance Labs Invests in Five Startups
The projects, namely Bracket Labs, DappOS, Kryptoskatt, Mind Network, and zkPass include a wide spectrum of Web3 industries, such as DeFi, infrastructure, tools, and middleware. The Binance Labs Incubation Programme seeks to assist the cutting-edge blockchain associated businesses with the tools they need to direct the future of Web 3.
Less Than 2% of the Applicants were Accepted
Notably, less than 2% of the more than 900 projects that submitted applications for participation in this season were accepted in the initiative. The Binance Labs team conducted thorough assessments to make a final financing selection and provided 1:1 coaching to assist incubator startups to grow products with potential.
Binance Labs is Dedicated to Web3
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.”
Furthermore, the sixth season of the Binance Labs Incubation Programme is reportedly scheduled to get underway.
Regulatory Pressure on the Exchange
After being under stress due to regulatory pressure during the month, Binance has just announced this news. On June 5, the SEC filed over twelve accusations against Binance, its US platform, and CEO Changpeng Zhao (CZ) in the District Court of Columbia.
Shortly after the accusations, US District Judge Amy Berman Jackson made a significant ruling by denying the SEC’s petition to freeze the assets of Binance’s US branch, which sparked speculations about a settlement between the two parties. On June 17, Judge Jackson signed the agreement between Binance.US, Binance, and the Securities and Exchange Commission (SEC).