The popular blockchain incubator Binance Labs, which is a venture wing of the largest cryptocurrency exchange Binance, has recently released its first “batch” of blockchain projects that were part of its Incubation Program, as a crypto press release submitted by its team noted.
As an initiative that is in the focus of today’s crypto news, Binance Labs is a project that seeks to help early-stage blockchain and digital assets projects as well as entrepreneurs through direct investments as well as technical assistance. The Binance Labs Incubation Program is an onsite program launched back in August 2018 with $1 billion in funding.
After initiating a tour that had over 500 applicants, Binance Labs selected only eight projects, each of which received $500,000 in seed funding and an access to necessary resources and mentors. As the 10-week program finalized, seven projects were chosen and signed on users while three of them managed to get paying customers.
The eight projects selected by Binance Labs include the hardware wallet SafePal, fictionless logins for decentralized apps (DApps) Torus, Internet security project Nym, and market prediction startup Deaux.
As Ella Zhang who is the Head of Binance Labs explained in an “Ask Me Anything” (AMA) session on Reddit in June, decentralization is “the core value of Bitcoin and blockchain,” adding that the incubator had launched a number of initiatives in this direction.
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