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 the “great time to bring on top talent.”
Even though the bear market has been going on for a long time, Binance Labs, the part of the Binance cryptocurrency exchange that finances and helps start-ups, keeps doing business as usual.
The venture capital firm is about to start the fifth round of the Most Valuable Builder (MVB) accelerator program. This is an incubator for innovative startups that are focused on decentralized finance (DeFi) and Web3.
The goal of the initiative is to help developers build decentralized applications on the BNB Chain blockchain network by providing incubation and funding.
The MVB program started in May 2021 with the goal of helping BNB Chain-based entrepreneurs start new projects, get more attention, get money, and speed up the growth of their communities and businesses. Infrastructural DeFi projects like Deri Protocol and Solv Protocol, the decentralized exchange Biswap, and the GameFi and metaverse platform Metasset are all successful companies that grew out of the MVB.
The most recent round, also called the fifth cohort, is called “Uncharted Territory” because it wants to find new opportunities and help new businesses get started in the very unpredictable bitcoin industry.
Gwendolyn Regina, who is in charge of investments at BNB Chain, told Cointelegraph on Thursday, “MVB V is set up differently than previous cohorts. BNB Chain and Binance Labs are working together for the first time to help the businesses with infrastructure, mentoring, money, and ecosystem support.” She said that Binance Labs would give MVB the money it needs.
Round applications are due by July 8, 2022, and the program is set to start on July 11, 2022. Binance Labs and BNB Chain want to announce the winning ideas that will be part of the MVB accelerator program and go through six to eight weeks of coaching and workshops before the end of June.
The BNB Chain investment director said that there is no limit on the amount of money that can be invested in the new MVB accelerator program.
“We do not have an investment cap. Binance Labs will follow a thorough evaluation process for projects that are selected for incubation before making an investment decision. The support we provide for the MVB program goes beyond mere money and the fund itself.”
Regina went on to say that the most recent MVB round is open to blockchain developers who have never worked with the BNB Chain before. She went on to say, “We are willing to invest in businesses at all stages of development, including early-stage, prototype, and launched products that need to be able to grow.”
The acceleration program is not at risk from the bear market. Regina said that BNB Chain and Binance Labs think that tough market conditions tend to give rise to stronger projects.
“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.”
The way BNB Chain sees bear markets in crypto as a chance for the industry to grow is similar to the way Binance sees the bigger picture.
As a result of the recent market drop, the company’s CEO Changpeng Zhao said that bear markets are a “wonderful chance to get top talent.” As a result, the company wants to hire 2,000 more people.
Mark Cuban, owner of the Dallas Mavericks and a billionaire crypto investor, agrees with this, citing a well-known quote from veteran investor Warren Buffett: “Only when the tide goes out do you discover who’s been swimming naked.”