Binance Labs Concludes Second Incubation Project and Announces 13 Startup Graduates

  • Binance, the world's largest cryptoasset exchange in terms of trading volume, has completed another incubation project.
  • The Malta-based digital asset trading platform continues to expand its product offering which now includes Binance Launchpad, Binance Chain, Binance Info, among other divisions.

Binance is known today as one of the world’s biggest cryptocurrency exchange firms. Its CEO, Changpeng Zhao, is also a popular cryptocurrency enthusiast like many others in the sector. The firm also has its own Binance blockchain which powers the Binance Coin (BNB).

And so far, of the hundreds of different digital assets currently available in the cryptosphere, the BNB has been the best performer of 2019. Binance is a lot more than just an exchange and just like Ripple, it has a division where it seeks to support many different start-ups who aim to deliver innovative solutions to the tech world.

Binance Labs Incubation Program

The initiative, called Binance Labs, recently announced that 13 new startups have successfully completed the incubation program and have now graduated to deployment level. The Binance Labs Incubation Program helps startups from different countries all over the world and puts them through a few weeks of training, preparing them for their respective next levels.

Speaking on this, Ella Zhang, the Head of Binance Labs said:

“For the Binance Labs Incubation Program, we search all over the world for the strongest founders and projects to invest in. We are proud to have found 13 gems in Season 2 and to have spent the past 10 weeks working with the BUIDLers to launch their demos and gain early traction.”

The initiative kicked off last year and is set to regularly invest in these startups to help their growth. The second season officially commenced in March 2019 and is to be done on the 7th of June. The last day will be a BUIDLers Day which is a private event where these different startups will be able to meet with many investors who might be looking to put in some investment.

Meet The Graduates

The graduates include:

  • Xend – A payment platform based in Nigeria which supports both online and offline transactions.
  • BaseZero – San Francisco-based platform that delivers various security solutions which help institutions keep their digital assets safe.
  • Keylabs – Led by Thomas Roth and with a specialty in security for blockchain, wallets and smart contracts.
  • Cerebellum – A blockchain CRM service.
  • Marlin Labs – A startup that offers a Layer-0 solution for public blockchains for enhancing throughput.
  • Yellow Card – A cash-to-crypto on-ramp suitable for developing markets.
  • Bit Sika – A blockchain platform based in Ghana that powers donations directly to the recipients at little or no cost.
  • Mavrik – A startup specializing in non-fungible tokens (NFTs).
  • Dune Analytics – a project that gives an in-depth analysis of blockchain data.
  • PhishFort – a South African based startup which helps crypto institutions and customers with effective solutions to phishing problems.
  • Lucky Clover Global – a project which created a decentralized platform using the TRON blockchain for predicting sports called FomoSport.
  • Raise – A startup which seeks to ease up private securities ownership in frontier markets.
  • Tellor – A project that seeks to query reward miners for certain input on off-chain data.

These new graduates are now qualified to move on to the Binance Launchpad stage where they can get funding and investment and also where the relevant ones are prepared for Initial Coin Offerings (ICOs).

Next Incubation Season

Zhang expressed excitement at the success of the incubation program saying:

“From in-app monetization to cash-to-crypto kiosks in Africa, this batch of projects represents the diversity in blockchain and entrepreneurship globally. We are excited to see first-hand the progress being made in every corner of the world to push blockchain forward.”

The next season for a new batch of start-ups is expected to begin in October. Applications are yet to begin but are expected to, very soon.

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