Binance, one of the world's largest cryptocurrency exchanges, has introduced an internal incubation program for early blockchain projects. The crypto switch described the plan in a statement posted on its website on Thursday. It explains:
“The Binance Labs Incubation Program is a 10-Week on-site program designed to help top early teams deliver product/service products/services ”
Binance is committed to providing seed funding, guidance, exposure and best resources and support services to participants in the incubator program. As part of the program, Binance will provide seed funds with up to $500K of promising blockchain projects to achieve a 10 percent business.
Ellan Zhang, CEO of Binance Labs, explained the details of the incubation plan in an interview with TechCrunch. According to her, the plan is to admit to 10 that each batch will last for 10 weeks. Binance Labs plans to hold at least one batch per quarter. The first incubator program will begin on October 9; registration is currently underway and will close on September 14.
Zhang explained that through the program, Binance wanted to assume the responsibility of the operators to develop their products/services.
The incubator meets the 100 million “Community Impact” fund announced by Binance in June, which, like the fund, will target infrastructure, scalability, security, stability, compliance, wallet, and decentralized exchange (DEX). And other projects. At the end of the incubation period, Zhang said that the exchange will pay close attention to startups in order to make follow-up investments when the startups expand. Both the incubator and the community impact fund will be managed by Binance Labs. Binance did not state whether the incubator fund would be named legal tender or BNB tokens, such as community influence funds.