Binance, the world’s largest cryptocurrency exchange has launched their very own incubator program named “Binance Labs Incubation program. The focus of the incubator is to help nuture the early-stages of blockchain startups.
Binance Labs CEO Ella Zhang told TechCrunch in an interview that the program will take on about 8 – 10 companies per batch over a 10-week period and plans to hold one program per quarter.
Such a frequency has been unheard of even by full-time incubators but that is not all. Projects under the program will each be given $500,000 in exchange for a 10 per cent stake in the business. Nevertheless, it is a big effort when compared with other programs out there. It is also worth noting that Binance has yet to finalize if the investments they make will be in crypto, fiat or perhaps a combination of both.
Aside from monetary gains, the company itself wants to open up and allow participants of the program the access and benefits of being part of the world’s top crypto exchange. This will include technical advice, mentoring, access to Binance networks and also support on non-technical organization-building activities like HR, admin and more.
Binance Labs CEO Zhang and director Christy Choi told TechCrunch that the reason for the large equity check is it will help startup founders to focus more on developing a product or service instead of having to worry about how to set up a business.
Quoting Ethereum World News , Zhang explained that the incubator will do its best 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.” The Binance Labs CEO noted that ideal candidates for the program would be a project that has taken upon any investors yet, as Binance is looking to take a spot as the first third-party investment into a venture.
The program is set to start on October 9 and will be held in San Francisco. Applications to take part in the program are open until September 14. Binance also expressed that although the program starts out in San Francisco, they have plans to eventually expand its borders and move to other prominent cities such as Europe, Africa and Asia.
Sources: Binance, TechCrunch, Ethereum World News
Image Credits: Bitcoin Exchange Guide, Binance