Only a few months ago, the crypto exchange Binance has announced its own investment fund with a deposit of 1 billion USD. Now Binance is waiting with another surprise. It involves the introduction of an incubator program for start-ups involved in blockchain. The new program is called “Binance Labs Incubation Program.”
The program has seed funding of $ 500,000 available to startups. In addition, you want to provide mentors, network connections, and support services.
The program is scheduled to start in mid-September in San Francisco. In a first phase, it will take eight to ten teams and make them marketable in ten weeks. According to its own description, the program's goal is to help “first-class teams in their early stages offer products or services that are in demand on the market”. As part of the program, there will be individual training with mentors and lectures by guest speakers. Furthermore, the teams can decide what they want to present and then present it to selected investors and strategic partners. The whole thing is rounded off by a framework program designed to promote trust and friendship between the founders.
Binance continues on the upside
The program does not just sound purposeful, it is. Binance is now the largest crypto exchange in the world. It shows no signs of slower growth or slowing momentum this year. The incubation program is just another step in the crypto market towards comprehensive coverage of the blockchain.
The CEO of Binance, Ella Zhang, explained the program as follows:
“Binance Labs has started investing in recent months. This has led to a big hype in the market. This hype has kept many founders from starting and delivering their projects because there was a huge demand from investors to invest in the projects. Therefore, the founders need a lot of support in order to mature as a team and a company to realize their ideas. “
Zhang for Binance Labs
Ella Zhang was recruited to run Binance Labs as CEO. She's an impressive addition to Binance. Previously, Zhang worked in technology (Google, Tencent) and venture capital (Kleiner Perkins Caufield & Byers). This experience will benefit her if she opens up new ground with Binance Labs.
Binance Labs has been making big headlines this summer. In early July, for example, Binance Labs initiated a round of financing for start-up Republic, which raised $ 12 million. At the end of the month, Binance Labs announced a partnership with Libra Credit, opening up opportunities for lending covered by the Binance Coin BNB.
Sources: TechCrunch, Medium, Crypto Core Media, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-boerse-Binance-fuehrt-eigenen-start-up-inkubator-ein/
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