Binance, the world’s largest exchange, introduces an in-house incubation program for early-stage crypto and blockchain ventures. While cryptocurrency is facing bear markets, the exchanges’ step might smooth investors unrested feelings.
Binance bullishness towards the ailing market first came across when the firm launched a $1 billion venture capital fund in early-June. The incubator was alluded to in June as well, but Binance comes out to release the details regarding this new venture recently. According to TechCrunch, Binance Labs CEO Ella Zhang noted that the incubation program is planning to take on eight to ten companies “per batch” for a 10-week tenure. The cryptocurrency platform will “support top-early stage teams with the best resources.”
— Binance (@binance) August 22, 2018
Seed Investment: We provide $500K Seed Funding (10% Equity). This allows startups to bootstrap as soon as possible.
Mentorship: We have best mentors from both crypto and startup scenes who will support startups’ journey.
Network: We help startups grow their network with notable founders coming every week, and of course the batch network will become the biggest assets.
Support Services: We provide the best resources so startups can focus on building products/services.
Reportedly, the maiden program shall begin in San Francisco, on October 9. Companies looking to take part in the incubation process will have to sign-up before the September 14th deadline. The program plans to organize a “BUDILer Day,” after the 10-week period to which will enables the startups to show off what they have created to prospective investors, media outlets, and industry leaders.
Ella Zhang explains that the programme plans to provide support for projects focused on “public chain scalability, security, decentralized exchanges, wallets, custody, payment, coin stability, compliance, decentralized apps, gaming, virtual goods and more.” She further adds that Binance is looking to take a spot as the first third-party investment into a venture so the ideal candidates for the program would be a project that has taken upon any investors yet.
The program is currently operating out of San Francisco, though the firm plans to eventually expand into other prominent cities in Africa, Asia, and Europe if the need arises.