Binance Labs, an initiative to incubate, invest and empower top blockchain and cryptocurrency entrepreneurs, projects, and communities, backed by the crypto exchange Binance, announced the release of its first batch of projects built via their incubation program.

Binance Labs teams state in a Press Release shared with Cointelegraph talked about a group of 8 projects, aimed to resolve essential industrial challenges via employing Distributed Ledger Technologies. The head of Binance Labs, Ella Zhang spoke to Forbes, about the program and elaborates that the platform does not only focuses on utilizing current technologies but to aid the projects that do not have the necessary resources, to begin with, but pose a great potential to help the ecosystem in the future.

Binance Labs Incubation Program is a 10-week on-site program designed to provide the necessary resources to top blockchain developers around the world. Through the program, we support entrepreneurs who are solving critical problems for the blockchain industry. In particular, we help participants focus on “BUIDLing” products from an early stage. The term BUIDL is a glossary term from the Binance Academy, originally derived from HODL, a term referring to keeping your heads down and focusing on building your product,”

Binance Labs Incubation Program

The first round of the Incubation program received over 500 applications and just 8 out of the lot got approval from the team. A direct funding of $500,000 along with human and technological resources was provided to these projects to ensure their rapid and successful development. The program duration is set to be 10 weeks.

The first season involved initiatives such as SafePal (a project focused on the development of a hardware wallet), Torus (focused on the development of logins for DApps), Nym(a project focused on computer security systems), Deaux (a prediction market platform) benefited, Akio Labs(focused on the development of techniques aimed at obtaining insights from blockchain data), Injective Protocol(a DEx), Path (a Project described as Plaid for crypto) and Injective Protocol (Gusto for crypto native companies)

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