- Binance Labs announces Web3 projects for Incubation S7.
- 0xAarc, FluxLayer, and Ton_Ton Games revealed.
- Focus on early-stage projects with innovative tech.
The cryptocurrency and blockchain industry is experiencing a significant downturn, with Bitcoin dropping 14% to a low of $49,300. This crash is attributed to financial policy shifts, such as the Bank of Japan’s recent interest rate hike.
Sponsored
Despite this market turbulence, crypto companies continue to invest in the space. Recently, Binance Labs, the venture capital arm of Binance, announced the second batch of projects for incubation and funding.
Binance Labs Reveals Latest Incubation Projects
Despite the crypto crash, Binance is still investing in startups. On Monday, August 5, Binance Labs revealed the second batch of projects selected for their Incubation Season 7 (S7). This program is designed to support early-stage Web3 startups by providing them with resources, mentorship, and funding. The projects include:
- 0xAarc: This project aims to simplify chain abstraction for decentralized applications (dApps), making it easier for developers to build and deploy dApps across multiple blockchain platforms.
- FluxLayer: An omni-chain intent liquidity layer powered by EigenLayer, FluxLayer aims to enhance liquidity across different blockchain networks, providing a more efficient and interconnected ecosystem.
- Ton_Ton Games: Focused on unlocking gaming capabilities on Telegram, Ton_Ton Games seeks to integrate blockchain technology with the popular messaging platform, creating new opportunities for gaming and user engagement.
Binance Labs’ support for these projects underscores their commitment to advancing the Web3 ecosystem through technological innovation and practical applications.
About Binance’s Incubation Program
The Binance Labs Incubation Program, currently in its seventh season, is a strategic initiative designed to support early-stage Web3 startups. This program provides a structured curriculum, including one-on-one mentorship sessions with the Binance Labs Investment team and access to resources across the Binance ecosystem.
The program runs for two months, during which founders can refine their concepts and iterate on their products through continuous feedback and expert guidance.
The program continues to accept applications on a rolling basis, ensuring a steady influx of innovative projects. Accepted projects gain significant exposure and support, although acceptance does not guarantee investment from Binance Labs.
On the Flipside
- There is growing concern about venture capital’s power in the crypto space. Critics see large investors as a threat to crypto’s decentralized nature.
- The effects of this market downturn on the industry will likely appear after some time once investors and companies reassess the market.
Why This Matters
By supporting early-stage projects that tackle industry fundamental challenges, Binance Labs helps create more robust and scalable blockchain solutions.
Read more about the latest crypto market crash:
What Caused the Crypto Crash This Weekend? Here Are the Key Factors
Read more about crypto scams:
Over $4B In Crypto Scam Losses Prompts Australian Police to Join Global Campaign
