When it comes to the blockchain and cryptocurrency industry, money from venture capitalists are not the most popular type of funding. A start-up can launch its own initial coin offering and crowdfund its ideas like never before. However, the top companies in this market should also be credited for their continued efforts to help build a new ecosystem that is supportive of budding enterprises. Binance, the world’s largest cryptocurrency exchange, recently launched its early-stage start-up incubator program.
Binance’s Efforts Come to Fruition
Earlier this year, Binance unveiled its $1 billion fund and additionally announced an incubator program. The Binance Labs Incubation Program was announced back in June, along with the fund. However, it is only now that the exchange has provided the details regarding the program. The company revealed that it would take 8 to 10 companies per batch, and place them in a 10-week incubator program.
CEO of Binance Labs Ella Zhang said that they would be holding one program in each quarter. Binance Labs will be asking for a 10-percent stake in each business in return for $500,000. They have not decided whether they will be paying the company in cryptocurrency or fiat, or a combination of both.
What Will Binance Provide?
The exchange will be providing the program participants access to technical advice, the Binance network, mentoring and support on nontechnical organization building, including admin, HR departments and more. Overall, the program will provide a well-rounded experience to the start-ups they select.
The first batch of the program will begin on Oct 9 in San Francisco. The exchange is inviting applications for the same until Sept 14. The program will close with a demo day — the “BUILDer Day” — as is usual. The start-ups in the program will pitch their ideas to investors, several industry figures and the media.
Zhang said that the focus of the program would be like the Binance fund, which includes projects that focused on public chain scalability, infrastructure, security, wallets, custody, decentralized exchanges, coin stability, decentralized apps, compliance, wallets and more.
“We’re looking at different cities across the world because blockchain and crypto are international. We see problems and opportunities in different regions with different ways to leverage the blockchain.”
Binance also noted that the ideal investment candidate for them would be some in the very early stages of their journey who have not taken any investments yet.
Binance Launches Early-Stage Start-up Incubator Program was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.