Binance Labs’ parental firm Binance is also looking to rent 2,000 employees amongst the latest market weakening as the firm sees bear markets as a “great time to bring on top talent.”
Binance Labs, the undertaking capital and incubation arm of the Binance cryptocurrency exchange, endures its business as usual despite the constant bear market.
The VC firm is to launch the fifth round of the Most Valuable Builder (MVB) accelerator program, the development program intended to support new projects focused on decentralized finance (DeFi) and Web3.
Organized in collaboration with BNB Chain, the program appears to deliver dedicated support to developers building decentralized apps on the BNB Chain blockchain network by providing incubation and assets.
The MVB program was originally launched in May 2021 with the mission to help BNB Chain-based startups generate new projects, gain experience, receive funding and accelerate community and business growth. Some of the successful MVB-born startups include infrastructure DeFi projects like Deri Protocol and Solv Protocol, the decentralized exchange Biswap, the GameFi, and metaverse platform Metasset and others.
The newest round, also said to be the fifth cohort, is named “Uncharted Territory” as it intends to explore new opportunities and help emerging projects amid the highly volatile cryptocurrency market.
“MVB V is structured differently than previous cohorts, with BNB Chain and Binance Labs collaborating for the first time to provide infrastructure, mentorship, funding, and ecosystem support to the projects,” said BNB Chain investment director Gwendolyn Regina told Cointelegraph on Thursday. “The funding source of MVB will be directly from Binance Labs,” she further added.
The round application deadline is July 8, 2022, while the program is arranged to start on July 11, 2022. In late June, Binance Labs and BNB Chain plan to announce successful projects that will join the MVB accelerator program and go through coaching and workshops for 6-8 weeks.
Regina said that the latest MVB round welcomes all manufacturers in the blockchain industry, ignoring whether they have experience in building on the BNB Chain. “We are ready to invest in projects in all stages of their development, whether it’s early stage, a working prototype, or a launched product that needs scaling,” she further said.
The ongoing bear market poses no potential harm to the accelerator program. BNB Chain and Binance Labs believe that extreme market conditions tend to generate stronger projects, Regina said, adding:
“Bear markets are a great way to assess and support projects that truly make a difference in the blockchain ecosystem. If anything, now is the best time to spot strong, mission-driven projects and assist their growth and development.”
BNB China’s stance on crypto bear markets as an opportunity for industry growth aligns with broader views at the Binance crypto exchange.
The company is looking to hire 2,000 employees amid the latest market decline, with CEO Changpeng Zhao declaring that the exchange sees bear markets as a “great time to bring on top talent.”
A similar sentiment is shared by billionaire crypto investor and Dallas Mavericks owner Mark Cuban, who applied a well-known saying by expert investor Warren Buffett to the current crypto market drip: “Only when the tide goes out do you discover who’s been swimming naked.”
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