Binance’s venture arm invested in five ‘most effective projects’ as part of the fifth season of its incubation programme.
Among the selected startups:
- Bracket Labs. A project that creates structured on-chain products using leverage. The company’s main focus is the BracketX.fi trading platform;
- DappOS. A protocol to lower barriers to entry into Web3 through solutions that improve usability and accessibility of applications;
- Kryptoskatt. A company simplifying the use of Web3 finance through a comprehensive suite of solutions, including accounting, portfolio management and tax reporting. The project supports over 2,000 DeFi protocols, 100 exchanges and 50 blockchains;
- Mind Network. A fully encrypted network built on the Adaptive Fully Homomorphic Encryption platform. It is used as a decentralized confidential data storage;
- zkPass. A decentralized solution for anonymous identity verification in Web3, based on multi-party computation and zero-knowledge proofs.
More than 900 companies applied in this season of the investment programme, and only 2% were admitted to participate.
“Binance Labs remains committed to expanding opportunities for early-stage startups that contribute to the growth of the industry. We look forward to the positive impact of the fifth season’s incubation projects on the broader Web3 ecosystem,” said Ibo Ling, the platform’s head of business development.
Binance also announced that it has begun accepting applications for participation in the next venture round.
As of the end of Q1 2023, assets under management by the exchange’s investment arm were valued at $9 billion.
In November 2022 Binance Labs allocated $1 billion for a Web3 industry recovery fund. Ling said that since then the group has provided funding to 14 companies, with around 60 more candidates under consideration.