Binance’s venture capital arm Binance Labs announced its investment in Blum, a mini trading application on Telegram specialized in leveraged memecoin and new token trading. This investment is part of Binance Labs’ participation in the 7th season of the BNB Chain’s Most Valuable Builder (MVB) Program, which aims to support and accelerate the growth of Web3 innovators in the BNB Chain ecosystem.
Less Than 2% of 700 Applications Accepted
Known for its rigorous selection process, the MVB Program received over 700 applications this season, with less than 2% of the applications being accepted. This highly competitive initiative is a collaborative product between BNB Chain, Binance Labs, and CMC Labs, focusing on identifying and nurturing high-potential Web3 projects. In the 7th season, 13 teams were selected for their outstanding features and innovations, with five of these teams receiving investments from Binance Labs.
Binance Labs’ investment in Blum demonstrates its ongoing commitment to supporting projects that make significant contributions to the Web3 space. Blum, a mini trading application within Telegram, is designed for leveraged trading of memecoins and new tokens, targeting a niche but rapidly growing segment of the cryptocurrency market.
The application focuses on leveraging Telegram’s extensive user base to provide a unique entry point for users interested in memecoins and emerging cryptocurrencies.
Other Cryptocurrency Projects Funded by Binance Labs
In addition to Blum, Binance Labs invested in four other top-performing projects during MVB 7th season. These projects are Aggregata, Opinion Labs, SideKick, and Vooi. Aggregata aims to integrate AI data, models, and computing into a seamless, one-stop platform. Opinion Labs is developing dynamic opinion and continuous prediction markets.
SideKick serves as a consolidation hub for social interactions, games, and more. On the other hand, Vooi is a perpetual DEX aggregator that supports both EVM and non-EVM Blockchain networks.
