Binance Joins Major Hedge Funds Backing Oasis Labs' Blockchain Incubator Startup

Blockchain Technology 1 min, 54 sec READ

by Ricardo Carrasco

Oasis Labs and some of the world's biggest hedge funds create a startup incubator focusing on security-oriented applications of blockchain tech.

Blockchain cloud computing platform Oasis Labs and some of the world’s most important hedge funds announced a partnership to start a joint blockchain incubator called the “Oasis Startup Hub” during the opening keynote of the SF Blockchain Week Epicenter on October 8.

The Oasis Startup Hub will help all involved developers, technologists, and business leaders build technologies on Oasis’ platform, by offering strategic advice from industry experts, technical guidance, and early access to technologies developed by Oasis Labs before they are publicly announced.

Dr. Dawn Song, CEO at Oasis Labs expressed his expectations for the project,

We've seen strong interest in our private testnet from companies and developers who want to build scalable applications that protect user data and put privacy first--and are constrained by existing platforms […] We're encouraged by the diversity and volume of application developers who share our values and validate our approach. We designed the Oasis Startup Hub to bring experts together for invaluable interactions around how to design, build and deliver exciting new applications.

According to the press release, an undisclosed number of companies have already joined the Startup Hub, developing security-oriented applications of blockchain technology that include distributed data marketplaces for artificial intelligence, and decentralized credit scoring systems.

Oasis Labs announced a couple of months ago that it had raised a total of $45 million to start the project, via a token pre-sale led by Andreessen Horowitz’ a16zcrypto. Of the companies involved as investors in Oasis’ Startup hub are Binance Labs, Accel, Polychain Capital, DCVC, Pantera Capital, and others.

Jake Flomenberg, partner at Accel commented about the joint effort,

As high-profile privacy failures proliferate, the value of applications that put data protection at the heart of operations will only continue to soar […] Oasis is taking an important step toward building a vibrant community committed to addressing serious issues in today's computing landscape. Together, we're helping unleash the power of data through innovative applications which responsibly protect privacy.

This is not the only project being supported by Binance. Just last week Australian cryptocurrency payment processor TravelbyBit announced that Binance had invested around $2.5 million in their company.