Binance, one of the world’s largest cryptocurrency exchanges, have introduced an in-house incubation program for early-stage blockchain projects. The crypto exchange described the program in a statement published on its website on Thursday. It explained:
“Binance Labs Incubation Program is a 10-Week On-Site program designed to help top early-stage teams to deliver a product/service with a Product/Market fit.”
Binance promised to provide seed capital, mentorship, exposure as well as the best of its resources and support services to participants of the incubator program. As part of the program Binance will give promising blockchain projects up to $500K in seed funding for a 10 percent stake in the business.
Binance Labs CEO Ella Zhang in an interview with TechCrunch explained the details of the Incubation program. According to her, the program intends to admit around 8 to 10 for each batch that will last for 10 weeks. Binance Labs plan to hold at least one batch every quarter. The first batch of the Incubator program will begin on October 9; registrations are currently ongoing and will be closed on September 14.
Zhang explained that through the program, Binance wants to take the burden of running businesses off the participants allowing them to develop their product/service.
The incubator is in line with the $1 billion ‘Community Influence’ fund Binance announced in June and like the fund, it would target projects focused on infrastructure, scalability, security, stability, compliance, wallets, decentralized exchanges (DEX) and more. After the incubation period, Zhang said the exchange will keep tabs on the startups in a view to making follow-up investments as the startups expand. Both the incubator and the Community Influence Fund will be managed by Binance Labs. Binance did not specify if the incubator fund will be denominated fiat or BNB tokens like the Community Influence Fund.