Binance Labs, the research arm of the number one crypto exchange in the world — Binance, has further proved itself deserving of that title with the latest release of eight projects from its incubator program.
According to a recent press release, Binance Labs has officially launched eight projects with the sole aim of providing solutions to numerous problems faced by businesses and projects in the crypto industry or any service relying on Distributed Ledger Technologies (DLT) to carry out its operations.
According to the head of Binance Labs, Ella Zhang, these projects are not based only on current technology. Some of them are designed to help with the building of a better future, meaning they might not have a proper use case at the moment, but they will usher the crypto industry into a better and brighter future.
Zhang also helped shed more light on the functions and the role of the Labs in a statement which reads:
“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,”
Only Eight Selected
The first round of the Binance Labs project had about 500 applications but only these eight where selected:
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)
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)
Each of these eight projects was awarded $500,000 each and provided with both human and material resources to hasten the project output.