Report said that Binance Labs, the venture capital and incubation arm of the Binance cryptocurrency exchange, continues its business as usual despite the ongoing bear market.
It has been reported that 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.
However, 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 report said that 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.
Gwendolyn Regina, the Investment Director of BNB Chain, said:
“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. The funding source of MVB will be directly from Binance Labs.”
Likewise, 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 accelerator program and go through coaching and workshops for six-to-eight weeks.
“We do not have an investment cap. Binance Labs will follow a thorough evaluation process for projects that are selected for incubation before making an investment decision. The support we provide for the MVB program goes beyond mere money and the fund itself. We are ready to invest in projects in all stages of their development, whether it’s early stage, working prototype or a launched product that needs scaling.”
Thus, she said:
“Bear markets are a great way to assess and support projects that truly make a difference in the blockchain ecosystem. If anything, now is the best time to spot strong, mission-driven projects and assist their growth and development.”