A new incubation program has been introduced by the Binance Labs to nurture and financially aid new crypto startups that have great potential to grow and develop while stimulating innovation across the blockchain industry ecosystem. This brand new incubation program is set to be conducted over a period of ten weeks, out of which the first batch is due to go live within the next two months, by October.
The firm’s CEO Ella Zhang remarked at an interview that each batch will consist of around eight to ten blockchain startups who will be given knowhow, support and training in various relevant areas of business knowledge such as seed investment, networking, mentorship, legal advice and so on. The first batch is due to assemble at California’s San Francisco and the company is very excited for the batch that will kick-start its plans to have at least one incubation program in each and every period. In addition to all the guidance,the startups will also be receiving a funding of 500 thousand US dollars each from Binance, in lieu of which the exchange operator will lay claim to a 10% equity stake in each startup. Although the outline for the funding is ready, the mode of investment, fiat or crypto, has not been decided upon yet.
The incubation program will also help startups get technical guidance from established crypto professionals, industry insiders and experts, which will help them develop holistically. Zhang also reportedly said that the new program will also allow the Binance Labs to absorb startups that are in coherence with the company’s vision and that have a focus on issues important to Binance such as public chain scalability, security development, decentralized exchanges, wallets, payments, custody and so on.
With this project, Binance Labs is continuing its commitment to blockchain and the development of the industry, which we had also seen when it announced a Social Impact Fund in June this year to make investments of upto a billion dollars in startups within the industry.