The venture arm of the Bitcoin exchange Binance has invested in five “high-performing projects” as part of the fifth season of its incubation program.
Selected startups include:
- bracket labs. A project that creates structured on-chain products using borrowed funds. The main direction of the company is the BracketX.fi trading platform.
- DappOS. A protocol for reducing entry barriers to Web3 through solutions that improve application usability and accessibility.
- Cryptoskatt. A company to simplify the use of Web3-finance through a comprehensive set of solutions, including accounting, portfolio management and tax reporting. The project supports over 2000 DeFi protocols, 100 exchanges and 50 blockchains.
- mind network. A fully encrypted network built on the Adaptive Fully Homomorphic Encryption platform. It is used as a decentralized confidential data store.
This season of the investment program, more than 900 companies applied and only 2% of them were allowed to participate.
“Binance Labs remains committed to empowering early-stage startups that drive the industry forward. We look forward to the positive impact of Season 5 incubation projects on the broader Web3 ecosystem,” said Yibo Ling, director of business development for the platform.
Binance also announced the start of accepting applications for participation in a future venture round.
Recall that as of the end of the first quarter of 2023, assets under management of the investment division of the exchange were estimated at $9 billion.
In November 2022, Binance Labs committed $1 billion to the Web3 Recovery Fund. Ling said that since that moment the structure has provided funding to 14 companies, about 60 more candidates are under consideration.
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