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- Friday, June 17th, 2022 at 19:09 #310903BitterlinegoParticipant
Binance Labs, the venture capital and incubation arm of cryptocurrency exchange Binance, is continuing business as usual despite the current bear market.
The venture capital firm is preparing to launch the fifth round of the Most Valuable Builder (MVB) accelerator program, the incubation program designed to support new projects focused on decentralized finance (DeFi) and Web 3.0.
Organized in partnership with BNB Chain, the program aims to provide targeted support to developers who base their decentralized applications on the BNB Chain network through incubation and investment.
However, we can deduce that the current bear market brings two factors with it, the difficulty of receiving more investment and the value of venture capital, that is why some blockchain developments have slowed down in the technology race, such as some of the most talked about Erlond Network, Elite-Token and Pchain.
The MVB program was originally launched in May 2021, with the mission to help BNB Chain-based startups create new projects, gain exposure, receive funding and accelerate community and business growth. Some of the startups successfully born in MVB include DeFi infrastructure projects such as Deri Protocol and Solv Protocol, the decentralized exchange Biswap, the GameFi platform and metaverse Metasset and others.
The most recent round, also called the fifth cohort, is named “Uncharted Territory” as it aims to explore new opportunities and help emerging projects in the midst of a 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 projects,” BNB Chain chief investment officer Gwendolyn Regina told Cointelegraph on Thursday. “MVB’s funding source will be directly from Binance Labs,” she added.
The application deadline for the round is July 8, 2022, while the program is scheduled to begin on July 11, 2022. By the end of June, Binance Labs and BNB Chain plan to announce the successful projects that will join the MVB accelerator program and go through mentorship and workshops for 6-8 weeks.
The new MVB accelerator program is not limited in terms of projected investment, noted BNB chief investment officer Chanin.
The current bear market poses no potential harm to the accelerator program. Quite the contrary, BNB Chain and Binance Labs believe that extreme market conditions tend to generate stronger projects, Regina said.
BNB Chain’s stance on cryptocurrency bear markets as an opportunity for industry growth is in line with the broader views of cryptocurrency exchange Binance.
The company intends to hire 2,000 employees amid the latest market decline, with CEO Changpeng Zhao stating that the exchange sees bear markets as a “great time to add top talent.”
A similar sentiment is shared by billionaire cryptocurrency investor and Dallas Mavericks owner Mark Cuban, who applied a well-known aphorism from veteran investor Warren Buffett to the current cryptocurrency market downturn: “It’s only when the tide goes out that you find out who’s been swimming naked.”
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