Binance grows exceptionally well from spot exchange to industry expansions. The CEO of Binance, Changpeng Zhao, expands his offerings to new levels. According to reports, he offers a charity arm goes by the name IEO launchpad along with new Blockchain.
Similarly, another arm of Changpeng Zhao is Binance Labs. It is a fund providing project for blockchain activities. The labs also provide technological and financial support to make a project live into the market.
During last week’s consensus, BinanceLabs’s one of the directors; Christy Choi reveals some facts. Choi says that Binance Labs supports only selected projects after high-quality offerings declined. It also set a bursting bubble in the market, says Choi. As per matter of fact, Binance came into effect in 2018’s April. Back then it participated as a fund in ICOs.
The materialization of supports from Binance Labs for crypto development
However, there are different ways in which support from Binance can materialize. An incubator program helps to accelerate the development of products when it is in an early stage. Also, there are other methods which support such projects in great ways. In included programs such as straight up investing, fellowship program, etc. With these methods, teams that build technological infrastructure can get grants. It is because they are contributing to the overall development of crypto space.
So far, Binance Labs invests in about 40 projects, according to Choi. In her opinion, the pivot allows Labs for supporting quality projects. As a result, this support can widely influence crypto adoption in large extents. On this, Choi says that the initiative of the Labs is to push more Innovations. Ultimately, it will push more adoption of cryptocurrencies, says Choi.
Further, Choi explains that whenever Binance Labs invests in some projects, it focuses on wider possibilities. It aims for more than just monetary returns. Not only this but Binance also aims to establish right connections in the ecosystem of cryptocurrencies.
Binance to explore wider opportunities with projects’ advancements
Furthermore, Binance eyes that with the project getting big, it will explore more opportunities. Precisely, more opportunities mean the firm will connect these project to different services within Binance. Surprisingly, it might also integrate those projects on Binance blockchain.
For records, in April, Binance launched its blockchain mainnet. As per its design, it supports a platform for the sale of its tokens. And, it is a platform for the exchange of non-custodians as well. But, Binance exchange does not have the privileged for control or access of the ledger though.
Although Binance has limitations, it reportedly attracts project from blockchain like Ethereum. This move of Binance is to give tough competition to its rival platforms.
Concerning some announcements this week, Raven and Fantom choose BinanceChain as their partners. According to Fantom, they see a trend in which many projects move towards Binance. Hence, they also decided to join the race and announced Binanceto be the interoperable partner for them.
With this, many projects show interest in launching their projects on the Binance Chain.