Just-In: Binance Labs Invests In 4 Major Crypto Startups, BNB Price Shoots 7%
Highlights
- Binance Labs invested in four crypto startups through the MVB Accelerator Program
- The MVB Program attracted over 700 global applications, with 13 finalists and 4 receiving funding.
- BNB price surged nearly 7% following this announcement.
Binance Labs, the venture capital and innovation incubation arm of Binance, has announced its investment in four major crypto startups. These involve the winners in the latest round of the Most Valuable Builder (MVB) Accelerator Program. The Binance Coin (BNB) price continued surging after the latest announcement.
For context, the MVB program, now in its seventh season, is a joint initiative spearheaded by BNB Chain, Binance Labs, and CMC Labs. It aims at boosting innovation and support early-stage Web3 projects within the BNB Chain ecosystem.
Latest Investment By Binance Labs
This season, the MVB program attracted over 700 applications from around the globe, with only 13 projects making the final cut, underscoring the program’s competitive nature. Of these 13, four standout projects have secured funding from Binance Labs.
According to the latest BNB Chain announcement, the four startups are Aggregata, Opinion Labs, SideKick, and Vooi. Each of these projects is pushing the boundaries of blockchain technology in unique ways. Hence, here’s a short summary on each project:
1. Aggregata:
This platform aims to integrate AI data, models, and computing resources into a single, unified ecosystem. Binance Labs-backed Aggregata’s approach simplifies access to AI tools for developers and businesses. Moreover, it promotes broader adoption of AI technologies in the blockchain space.
2. Opinion Labs:
It specializes in the creation of opinion and prediction markets. Furthermore, Opinion Labs is setting new standards for how public sentiment and market predictions are captured and utilized. Additionally, their platform enables real-time, continuous updates to prediction markets. This offers users a more responsive and accurate tool for gauging market trends.
3. SideKick:
The third startup backed by Binance Labs serves as a consolidation hub for social interactions and gaming. SideKick is designed to enhance user engagement by integrating multiple platforms into a seamless experience. This approach not only streamlines social and gaming activities but also encourages a more connected and interactive community within the crypto space.
4. Vooi:
A decentralized exchange (DEX) aggregator, Vooi stands out for its cross-chain capabilities. It supports both EVM and non-EVM chains. Vooi also allowing users to trade across different blockchain networks. Moreover, it aims to break down barriers between ecosystems, thus, enhancing liquidity and trading efficiency.
About Binance Labs & MVB Program
The MVB Accelerator Program offers more than just financial support from the incubation arm. It provides participants with a comprehensive development experience. This includes access to a tailored curriculum, personalized mentorship from industry experts, and networking opportunities with successful entrepreneurs.
Additionally, participants benefit from the BNB Chain Launch-as-a-Service package. The package provides crucial infrastructure, security, and marketing support, valued at up to $300,000. Recently, Binance Labs also invested in Corn, a Bitcoin yield generating network.
In August 2024, the incubation arm funded 10 crypto projects as of yet. Meanwhile, the BNB price soared nearly 7% to $589.02 at press time on Thursday, August 22. Whilst, the market cap for BNB stood at $84.68 billion.
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