Binance’s venture arm has invested in five highly-successful projects (bracket labs, DappOS, Cryptoskatt, Mind Network and zkPass) for the fifth season of its incubation program, out of the 900 companies that applied, only 2% were selected.
Yibo Ling, Director of Business Development for the platform, has expressed enthusiasm about the positive effects these projects will have on the Web3 ecosystem, as well as the company’s commitment to supporting startups at an early stage.
Additionally, Binance is now accepting applications for participation in a future venture round.
At the end of the first quarter of 2023, the assets for the exchange’s investment division were estimated to be at $9 billion, and Binance Labs has also committed $1 billion dollars to their Web3 Recovery Fund, investing in 14 companies so far and currently considering 60 more.
