Bear market no issue for Binance Labs’ DeFi incubation program
Binance Labs, the venture capital and incubation arm of the Binance cryptocurrency exchange, continues its business as usual despite the ongoing bear market.
The VC firm is preparing to launch the fifth round of the Most Valuable Builder (MVB) accelerator program, the incubation program designed to support new projects focused on decentralized finance (DeFi) and Web3.
Organized in cooperation with BNB Chain, the program looks to provide dedicated support to developers building decentralized apps on the BNB Chain blockchain network by providing incubation and investment.
The MVB program was originally launched in May 2021, with the mission to help BNB Chain-based startups create new projects, gain exposure, receive funding and accelerate community and business growth. Some of the successful MVB-born startups include infrastructure DeFi projects like Deri Protocol and Solv Protocol, the decentralized exchange Biswap, the GameFi and metaverse platform Metasset and others.
The latest round, also referred to as the fifth cohort, is named “Uncharted Territory” as it aims to explore new opportunities and help emerging projects amid the highly volatile cryptocurrency market.
“MVB V is structured differently than previous cohorts, with BNB Chain and Binance Labs collaborating for the first time to provide infrastructure, mentorship, funding, and ecosystem support to the projects,” BNB Chain investment director Gwendolyn Regina told Cointelegraph on Thursday. “The funding source of MVB will be directly from Binance Labs,” she added.
The round application deadline is July 8, 2022, while the program is scheduled to start on July 11, 2022. In late June, Binance Labs and BNB Chain plan to announce successful projects that will join the MVB
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