Binance Labs, the venture arm of Binance, has invested an undisclosed amount in the mini-application and upcoming exchange Blum.
The investment was part of the seventh season of the Most Valuable Builder (MVB) programme by BNB Chain at the end of August. According to the company, the Blum team had to “resolve some legal and administrative issues” before the announcement, which delayed the disclosure.
“Support from Binance Labs will accelerate the creation of Blum’s trading infrastructure and allow us to scale into new markets,” commented Gleb Kostarev, CEO and founder of the project.
This season, the MVB programme received over 700 applications, with less than 2% being accepted. Other winners include Aggregata, Opinion Labs, SideKick, and Vooi.
Currently, Blum exists as a gamified application on Telegram. The full version of the exchange is planned for launch by the end of the year.
For more details on the upcoming Blum airdrop, listen to the ForkLog podcast “Should Have Bought.”
In June, the BNB Chain ecosystem and Binance Labs launched the BNB Incubation Alliance, aimed at supporting early-stage Web3 projects.