25 February, 2024

Binance Labs Funds Five Key Players in Web3 Amid Regulatory Challenges

8 months ago

01 Dec, 2023

Binance Labs, the venture capital and incubation arm of the leading crypto exchnage Binance, has announced a significant investment in five promising projects from its fifth Incubation Program. This move is part of the company’s strategic commitment to stimulate innovation and pave the way for the future of Web3, the next generation of internet technologies driven by blockchain.

The five selected projects span a range of Web3 sectors, including Decentralized Finance (DeFi), infrastructure, tooling, and middleware. Selected from a pool of over 900 applicants, these projects represent less than 2% of total submissions, underlining the rigorous selection process and the high potential these projects hold for growth and innovation.

Bracket Labs, the first of the five, is developing on-chain leveraged structured products and has launched BracketX.fi, a platform enabling traders to capitalize on market volatility swiftly. The second project, DappOS, is working to lower the entry barriers to Web3 by creating an operating protocol aimed at enhancing the usability and accessibility of Web3 applications.

Kryptoskatt, the third project, is striving to simplify Web3 finance for users around the world. It offers a comprehensive suite of solutions, including accounting, portfolio management, and tax reporting. Meanwhile, Mind Network is a full-encryption network built on a patented framework to safeguard user data, smart contracts, and AI on Web3. It functions as a decentralized, privacy-preserving data lake offering encrypted high-performance data storage and computation on demand.

The final project, zkPass, is a decentralized identity verification solution for Web3, utilizing advanced cryptographic technologies. It is primarily focused on providing a secure and privacy-preserving identity verification solution for Web3 applications.

As part of the Incubation Program, the selected projects received a curriculum tailored to their unique needs. This included access to exclusive ecosystem resources and the opportunity to engage in fireside chats with market leaders.

However, it’s worth noting that Binance continues to face regulatory challenges. The U.S. Securities and Exchange Commission (SEC) has been investigating various aspects of Binance’s operations, including its compliance with securities laws.