In a Medium on the 14th of January, Binance Labs announced that Microtraction’s founder, Yele Bademosi will take the reins as Director in its initiative. Binance Labs is a social impact initiative directly aimed at nurturing and pushing forward blockchain technology in the African Tech Ecosystem. Yele would be tasked with the sourcing of blockchain projects and will also lead the Binance Lagos Chapter in their 10-week Incubation program which begins in March.
Yele, who has had quite a repertoire of experience with Startups and Investment as Microtraction is one of the biggest Angel Funds in Lagos and has received major backing from different global investors– Michael Seibel of Y Combinator, Pave Investment just to name a few. Yele has also personally invested in different sectors of the Tech ecosystem and he will be tasked with 2 major roles at Binance Labs.
- To create trustless governance, economic & financial systems for Africa;
- To enable capital formation and efficient capital markets.
Yele has shown optimism towards blockchain adoption and he had this to say “On a high level, my mandate is to leverage blockchain to accelerate Africa’s transition to a sustainable and developed economy. I believe very strongly that blockchain adoption will come from frontier markets that will leapfrog the existing financial systems as well as governance and economic models.”
Binance Labs, since they launched have invested in over 21 blockchain-centric startups all around the world. The parent company, Binance is a global cryptocurrency exchange platform where users can trade in more than 100 Cryptocurrencies. By sheer volume, they are the largest in the world.