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Downmarket will not be a problem for Binance Labs’ DeFi incubator program – Mail Bonus

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Binance, the company that owns Binance Labs, also wants to hire 2,000 people in the wake of the current market crash, which it sees as “a great time to reach top talent”.

Even though the bear market has been around for a long time, Binance Labs, part of Binance cryptocurrency exchange that finances and helps start-ups, continues to do business as usual.

The venture capital firm is about to launch the fifth round of the MVB acceleration program. This is an incubator for innovative start-ups that focus on distributed finance (DeFi) and Web3.

The aim of the initiative is to help developers build distributed applications on the BNB Chain blockchain network by providing cultivation and funding.

The MVB program was launched in May 2021 with the aim of helping BNB chain entrepreneurs start new projects, get more attention, get money and accelerate the growth of their communities and companies. Infrastructure DeFi projects such as Deri Protocol and Solv Protocol, the distributed exchanges Biswap and GameFi and the metaverse platform Metasset are all successful companies that grew out of MVB.

The latest round, also called the fifth cohort, is called the “Uncharted Territory” because it wants to find new opportunities and help new businesses get started in a very unpredictable bitcoin industry.

Gwendolyn Regina, head of investment at BNB Chain, told the Cointelegraph on Thursday, “MVB V is set up differently from previous cohorts. BNB Chain and Binance Labs are working together for the first time to help companies with infrastructure, guidance, money and ecosystem support. She said Binance Labs would give MVB the money it needed.

Applications must be submitted by July 8, 2022, and the program is scheduled to begin on July 11, 2022. Binance Labs and BNB Chain will announce the winning ideas that will be part of the MVB Acceleration Program and go through six to eight weeks of training and workshops before the end of June.

BNB Chain’s Chief Investment Officer said there was no limit to how much money could be invested in the new MVB acceleration program.

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“We do not have an investment ceiling. Binance Labs will follow a detailed evaluation process for projects selected for cultivation before making an investment decision. The support we provide to the MVB program extends beyond money and the fund itself.

Regina went on to say that the latest MVB round is open to blockchain programmers who have never worked with the BNB chain before. She continued: “We are ready to invest in companies at all stages of development, including the early stages, prototypes and set products that need to be able to grow.”

The acceleration plan is not endangered by the bear market. Regina said that BNB Chain and Binance Labs believe that difficult market conditions tend to give rise to stronger projects.

“Bear markets are a great way to evaluate and support projects that are truly important in the blockchain ecosystem. If anything, now is the best time to identify strong, project-oriented projects and assist in their growth and development.”

The way BNB Chain sees the bear market in cryptocurrency as an opportunity for the industry to grow is similar to Binance’s overall picture.

Due to the recent decline in the market, the CEO of the company Changpeng Zhao said that bear markets are “a wonderful opportunity to get top talent”. As a result, the company wants to hire an additional 2,000 people.

Mark Cuban, owner of the Dallas Mavericks and billionaire cryptocurrency investor, agrees, citing a well-known quote from former investor Warren Buffett: “Only when the tide goes out will you discover who has been swimming naked.

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About Humano

He is a freelance writer based in Turkey. He loves NFT, football, movies and technology.

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