Binance is launching a huge incubator program, offering $500K to 8-10 blockchain startups every quarter.
The largest cryptocurrency exchange in the world by transaction volume, Binance, is putting their money where their mouth is. The exchange has said it wants to promote and facilitate the health of the blockchain and cryptocurrency industry, even going so far as to help build up rival companies. As part of this effort, the exchange has announced a large-scale incubator program.
Giving Others a Hand Up
The program is technically called the Binance Labs Incubation Program. It’s an ambitious program designed to nurture blockchain startups and steer them onto a path to success.
The incubator program works by Binance Labs choosing from 8 to 10 promising startups every quarter. Each startup will be given $500,000 in funding, but the catch is that the funding gives Binance a 10 percent stake in the startup.
The funding will cover the costs of transportation, housing, and other developmental costs as the startup developers travel to San Francisco, the site of the first program, for a 10 week period. Once the incubator program begins, Binance will provide mentorship and guidance to the startups on a myriad of topics related to the crypto/blockchain industry: wallets, stability, compliance, dApps, infrastructure, and so on.
At the end of the 10-week program, there will be a “BUIDLer Day” where the startups will pitch their projects to a gathering of media, industry professionals, and potential investors.
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