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Binance Labs, the venture capital division of Binance, has announced its investment in Blum, a Telegram-based mini trading application focused on leveraged memecoin and new token trading. This investment is part of Binance Labs’ participation in the 7th season of the BNB Chain’s Most Valuable Builder (MVB) Program, designed to support and accelerate the development of Web3 innovators within the BNB Chain ecosystem.
How Rigorous is the Selection Process?
The MVB Program is known for its stringent selection criteria, receiving over 700 applications this season. Less than 2% of these applications were accepted, reflecting the highly competitive nature of the initiative. A joint effort between BNB Chain, Binance Labs, and CMC Labs, the program aims to identify and foster high-potential Web3 projects. Thirteen teams were chosen for their exceptional features and innovations, with five receiving direct investments from Binance Labs.
Binance Labs’ investment in Blum underscores its ongoing commitment to supporting projects that contribute significantly to the Web3 space. Blum is a mini trading application on Telegram specifically designed for leveraged trading of memecoins and new tokens, catering to a niche yet rapidly growing segment of the cryptocurrency market. The app utilizes Telegram’s extensive user base to provide a unique gateway for users interested in memecoins and emerging cryptocurrencies.
Which Other Projects Received Funding?
In addition to Blum, Binance Labs has invested in four other standout projects during the 7th season of the MVB Program. These projects include Aggregata, Opinion Labs, SideKick, and Vooi. Aggregata aims to integrate AI data, models, and computing into a single, seamless platform. Opinion Labs is focused on developing dynamic opinion and continuous prediction markets. SideKick acts as a consolidation hub for social interactions and games, while Vooi is a perpetual DEX aggregator supporting both EVM and non-EVM blockchain networks.
Key Takeaways
- Binance Labs has invested in Blum, a Telegram-based mini trading app for memecoins and new tokens.
- The MVB Program’s 7th season accepted less than 2% of over 700 applications, ultimately funding five teams.
- Other funded projects include Aggregata, Opinion Labs, SideKick, and Vooi, each bringing unique innovations to the Web3 space.
The investment in these projects highlights Binance Labs’ dedication to nurturing the Web3 ecosystem, ensuring that promising startups get the support they need to scale and innovate. Each selected project offers unique solutions and advancements, contributing to the broader adoption and development of blockchain technology.