Binance Labs Fuels Web3 Startups with New Funding

Binance Labs Invests in Blum

Binance Labs, the venture capital arm of Binance, has announced a strategic investment in Blum, a Telegram-based mini trading application. Blum focuses on leveraged trading of memecoins and new tokens, tapping into a niche but rapidly growing segment of the cryptocurrency market. This investment forms part of Binance Labs’ involvement in the 7th season of the BNB Chain’s Most Valuable Builder (MVB) Program, which aims to support and accelerate Web3 innovation within the BNB Chain ecosystem.

The Rigorous Selection Process of the MVB Program

The MVB Program is renowned for its rigorous selection criteria. This season, the program received over 700 applications, but less than 2% were accepted, highlighting the competitive nature of the initiative. The MVB Program is a collaborative effort between BNB Chain, Binance Labs, and CMC Labs, designed to discover and nurture high-potential Web3 projects. Thirteen teams were selected for their outstanding features and innovations, with five receiving direct investments from Binance Labs.

Blum: A Unique Trading Platform

Blum stands out as a mini trading application on Telegram, specifically designed for leveraged trading of memecoins and new tokens. By leveraging Telegram’s extensive user base, Blum provides a unique gateway for users interested in memecoins and emerging cryptocurrencies. This strategic investment by Binance Labs underscores their commitment to supporting projects that offer significant contributions to the Web3 ecosystem.

Other Funded Projects in MVB Program Season 7

Alongside Blum, Binance Labs has invested in four other notable projects this season. These include:

• Aggregata: Integrates AI data, models, and computing into a seamless platform.
• Opinion Labs: Focuses on developing dynamic opinion and continuous prediction markets.
• SideKick: Acts as a consolidation hub for social interactions and games.
• Vooi: A perpetual DEX aggregator supporting both EVM and non-EVM blockchain networks.

Key Takeaways

Binance Labs’ investment in Blum, along with other selected projects, highlights its dedication to fostering innovation within the Web3 space. The 7th season of the MVB Program accepted less than 2% of over 700 applications, ultimately funding five standout teams. Each funded project brings unique solutions and advancements, contributing to the broader adoption and development of blockchain technology.