Binance Labs Thrives Amidst Market Challenges with 25 New Investments in 2023

Regardless of a difficult market and waning belief in centralized crypto entities, Binance Labs disclosed 25 new investments in 2023.

Within the newest report, Binance Labs primarily targeted on decentralized finance (DeFi), Web3 gaming, tooling, and infrastructure all year long.

• Within the DeFi sector, Binance Labs invested an undisclosed quantity within the lending and borrowing protocol Radiant Capital.
• Moreover, it allotted $5 million to assist Curve DAO Token (CRV) for its integration with the BNB Chain. Moreover, Binance Labs invested $10 million in Helio Protocol, a decentralized protocol for stablecoin lending and borrowing on the BNB Chain, offering multi-chain StaaS and LS.
• Binance Labs – which is Binance’s enterprise capital and incubation arm – additionally introduced a $15 million funding in a Web3 recreation platform and writer known as Xterioled, in addition to a seed funding funding for GOMBLE, a South Korean developer of blockchain-based informal video games and an affiliate of the sport writer, 111Percent.
• Amongst tooling, Binance Labs invested in Arkham Token (ARKM), the native token of the Arkham blockchain platform, to assist “on-chain insights at scale throughout the blockchain ecosystem.”
• Binance suffered extreme regulatory setbacks in 2023. Whereas the crypto trade ended up paying a $4.3 billion positive in a settlement with United States regulators, Changpeng “CZ” Zhao was pressured to step down from its position because the Chief Govt Officer.
• In consequence, Binance’s market shares have decreased by 5%, with OKX and Bybit rising because the frontrunners. In accordance with TokenInsights’ findings, the crypto trade witnessed a drop from 54.2% to 48.7% in 2023.