Saturday, July 2, 2022

Binance Labs’ DeFi incubator program launches the fifth round of MVB program

The Takeaway:

Binance, Binance Labs' parent company, is also aiming to hire 2,000 people in the wake of the recent market downturn, citing bear markets as a "perfect moment to bring on top talent."

Despite the bear market, Binance Labs, the cryptocurrency exchange’s venture financing and incubator arm, continue to operate as usual.

The venture capital firm is gearing up to start the fifth round of its Most Valuable Builder (MVB) accelerator program, an incubation program for emerging projects centered on decentralized finance (DeFi) and Web3.

The initiative, which is run in collaboration with BNB Chain, aims to give incubation and investment to developers working on decentralized apps on the BNB Chain blockchain network.

The MVB program was founded in May 2021 to assist BNB Chain-based entrepreneurs in developing new products, gaining awareness, receiving finance, and accelerating communal and business expansion. Infra DeFi projects like Deri Protocol & Solv Protocol, the dex Biswap, the GameFi & metaverse platform Metasset, and others are among the successful MVB-born enterprises.

What are the plans for MVB V?

The most recent round, also known as the fifth cohort, is dubbed “Uncharted Territory” since it attempts to discover new opportunities and support budding initiatives amid the unpredictable cryptocurrency market.

“MVB V is structured differently from prior cohorts,” BNB Chain investment director Gwendolyn Regina said on Thursday, “with BNB Chain and Binance Labs working for the first time to provide infrastructure, and mentorship, finance, and ecosystem support to the projects.” MBV will receive money directly from Binance Labs,” she noted.

The deadline for round one applications is July 8, 2022, with the program beginning on July 11, 2022. Binance Labs and BNB Chain aim to announce winning ideas to join the MVB accelerator program and participate in 6-8 weeks of coaching and seminars in late June.

According to the BNB Chain investment director, the new MVB accelerator program is not limited in terms of expected investment:

“We don’t have a limit on how much we can invest.” Before making an investment decision, Binance Labs will go through a thorough evaluation process for projects chosen for incubation. We support the MVB program in ways that go beyond money and the fund itself.”

Regina clarified that the latest MVB round welcomes any blockchain developers, regardless of whether they’ve built on the BNB Chain before. “We are prepared to invest in initiatives at every point of development, whether they are in the early stages of development, have a functioning prototype, or have a launched product that requires scale,” she added.

 

“Bear markets best time to evaluate companies”

The accelerator program is unaffected by the current bear market. BNB Chain and Binance Labs, on the other hand, believe that harsh market situations tend to produce stronger ventures, Regina stated, adding:

“Bear markets are a fantastic method to evaluate and promote companies that have a real impact on the blockchain ecosystem.” Now, more than ever is the greatest time to look for excellent, mission-driven enterprises and help them grow and thrive.”

BNB Chain’s perspective of crypto bear markets as a chance for industry expansion is consistent with Binance’s larger viewpoint.

Despite the recent market collapse, the company is looking to hire 2,000 people, with CEO Changpeng Zhao declaring that bear markets are a “wonderful opportunity to bring on top talent.”

Binance had also conducted a Blockchain and crypto tour in Africa.

Mark Cuban, the Dallas Mavericks owner, and a wealthy crypto investor, recently applied a well-known aphorism by seasoned investor Warren Buffett to the current crypto market decline, saying, “Only when the tide goes out do you learn who’s been swimming nude.”

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Glenn Harper
Glenn Harper
Glenn has only two interests: Bitcoin and Aviation. After completing his graduation from San Diego State University in 2006, Glenn started working in the airlines and aviation industry. Aviation was his only passion before he came to know about bitcoin in 2012 after which he decided to dedicate 8 hours of his day for aviation and 8 hours for learning and writing about bitcoin and the technology behind it. Glenn lives with his wife and a 7-year-old son who mines ethereum on his computer and is also quite passionate about cryptocurrencies.

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