A press release shared to popular crypto publication, cointelegraph, revealed that Binance labs, an arm of the largest crypto exchange in the world, Binance, will be releasing its first batch of blockchain projects from its incubation program.
Binance labs have a goal of helping digital asset projects, startups as well as entrepreneurs through direct investments and technical assistance.
The incubation program by Binance labs was launched back in August after an extensive piloting phase which saw them review over 500 applications. In the end, they agreed to only move forward with 8 projects.
Each of the 8 projects received checks of $500,000 in seed funding as well as access to the necessary resources and mentors. The incubation program rubbed in on the selected participants so well that 7 of them were able to produce operational products and have signed on users over the course of the 10-week program. Three out of the 8 already had paying clients 10 weeks into the program.
Among the 8 projects singled out for investment by Binance labs include fiction fewer logins for decentralized apps (DApps) Torus, internet security project Nym, hardware wallet safe pal, as well as market prediction startup Deaux.
A Binance “ask me anything” session on Reddit held last June, had Ella Zhang, the head of Binance labs stressing the point that decentralization was the core value of Bitcoin and the Blockchain. She also confirmed that Binance labs had initiated a number of initiatives focused on decentralization.
October saw Binance labs invest millions of dollars on Contentos, a decentralized digital content ecosystem. Contentos will offer a decentralized digital content ecosystem that will offer not only transparency but also effective monetization of content without content removal or third-party censorship.
Binance expanded their foray into the blockchain last month when they launched research division tasked with conducting institutional grade research reports with the intention and objective of boosting transparency as well as improving the quality of information within the crypto space.
