Binance Labs, a subsidiary of Binance, the largest crypto exchange, has released its first batch of Blockchain projects from an incubation program. The company did so in a release on Dec. 14.
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Binance Labs seeks to help digital assets projects and early stage Blockchain entrepreneurs through direct investments as well as technical assistance. This incubation program from Binance Labs was launched in August 2018 as an onsite program.
The selected projects
After a try out tour with more than 500 applicants, the incubation program selected eight projects to work with. Each of these projects received seed funding of $500,000. They will also be given access to mentors and other necessary resources. During the course of the program which lasted for ten weeks, seven projects have shipped products and signed new users while three teams now have paying customers.
The eight projects selected by Binance Labs among others include SafePal, a hardware wallet, Internet security project Nym, fictionless logins for decentralized apps (DApps) Torus, and market prediction startup Deaux.
Investments by Binance Labs
Earlier in June, Binance Labs has an “Ask Me Anything” (AMA) session on Reddit and Ella Zhang, the Head of Binance Labs, said decentralization is “the core value of Bitcoin and Blockchain.” She also stated that the company had launched several initiatives in this direction.
Also, in October, Binance Labs invested millions of dollars in Contentos, decentralized digital content ecosystem. The startup aims to develop a decentralized ecosystem that will offer monetization and transparency of content without removal of content or third-party censorship.
Ella Zhang said:
“We are dedicated to identifying the real use cases to implement blockchain technologies. Through direct investments, collaborations with other industry partners, and the Labs incubation program, Binance Labs is committed to helping [firms] jump-start their ideas and realize the full potential of blockchain technologies.”
About a month ago, Binance launched an analysis division which it has called Binance Research. This body will conduct institutional grade research reports. This division will prepare research reports of institutional grade with the aim of increasing transparency as well as improving the quality of information in the crypto space.
The progress of the analysis division
Currently, the division has conducted and published two reports, which are devoted to a decentralized Blockchain. This Blockchain supports distributed applications, smart contracts as well as a scaling solution for Ethereum.
Binance Research is not the first project from the exchange with a completely different mandate. In early October, the crypto exchange announced that it would donate all its listing fees to charity. It also plans to allow developers to name the amount they pay and will not demand a minimum fee.
After this news was reported, Binance also introduced a Blockchain powered donation platform. The platform was called the Blockchain Charity Foundation. The BCF has been involved in charitable causes, but its first donation was used to raise funds for victims of landslides and floods in eastern Uganda. This donation platform accepts funds in three major cryptocurrencies including Bitcoin, Ethereum and Binance Coin.