Binance Labs, the branch of the famous Exchange Binance focused on promoting initiatives related to the use of blockchain technologies, has recently announced the release of the first batch of projects that became a reality thanks to its incubation program.
According to a Press Release shared with Cointelegraph, the Binance Labs team promoted a group of 8 projects destined to solve essential challenges faced today by industries that are oriented to the use of crypto or that rely on Distributed Ledger Technologies to offer their services.
Speaking to Forbes, Ella Zhang expressed that with this program,
Binance not only focuses on the use of current technologies but also is working to build a better future by investing in projects that do not have the necessary resources to begin but have great potential to help the ecosystem in the future.
Binance Labs Incubation Program is a 10-week on-site program designed to provide the necessary resources to top blockchain developers around the world. Through the program, we support entrepreneurs who are solving critical problems for the blockchain industry. In particular, we help participants focus on “BUIDLing” products from an early stage. The term BUIDL is a glossary term from the Binance Academy, originally derived from HODL, a term referring to keeping your heads down and focusing on building your product,”
Binance Labs Incubation Program: Picking Only The Best of The Best
Over 500 projects applied for the first round of the Incubation program, however only 8 got approval from the Binance Labs team. These projects received direct funding of $500,000 and access to a series of human and technological resources that will allow their rapid and successful development.
The incubation program has a duration of 10 weeks. In the first season, initiatives such as SafePal (a project focused on the development of a hardware wallet), Torus (focused on the development of logins for DApps), Nym (a project focused on computer security systems), Deaux (a prediction market platform) benefited, Akio Labs (focused on the development of techniques aimed at obtaining insights from blockchain data), Injective Protocol (a DEx), Path (a Project described as Plaid for crypto) and Injective Protocol (Gusto for crypto native companies)