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Binance Labs, the venture capital and incubation division, has announced the commencement of accepting applications for its upcoming incubation program aimed at Web3 projects. Additionally, it has been revealed that the company’s valuation surpasses $10 billion.
Officials from Binance Labs have declared the initiation of its seventh incubation program for Web3 initiatives. This program provides a flexible educational curriculum, personalized mentoring from the fund’s investment team, and access to resources within the Binance ecosystem. The deadline for applications is April 15, 2024.
Within the framework of the program, Binance Labs is particularly interested in projects focused on the following sectors:
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- decentralized infrastructure: modular blockchains, DePIN, AI infrastructure, products utilizing the Bitcoin network, etc.;
- decentralized finance (DeFi): institutional solutions, liquid staking and restaking protocols, parametric insurance, decentralized stablecoins, etc.
- application solutions: decentralized applications based on AI, AAA blockchain games, DeSci projects, SocialFi protocols, etc.
The press release further indicates that Binance Labs’ portfolio currently encompasses 250 Web3 projects from over 25 nations. Approximately 50 of these projects have successfully completed the fund’s incubation program. The company is valued at more than $10 billion, with an investment return exceeding 1,300%.
As reported by Bloomberg, Binance Labs has transitioned out of the Binance Group structure and has become an independent entity as of early 2024. Alex Odagiu, Investment Director at Binance Labs, confirmed this development in the publication. The fund also maintains individual contracts with employees of the cryptocurrency exchange. It is noteworthy that BNB Chain operates in a similar manner to Binance.
According to the Bloomberg report, structural changes within Binance Group took place in early 2024. These alterations may be directly associated with the resolution of regulatory claims in the United States and the resignation of Changpeng Zhao from the CEO position. The separation of Binance Labs could indicate a broader restructuring of Binance Group that has not been publicly disclosed.
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