Binance Introduces Incubation Program
One of the ways that coin exchanges have managed to increase their influence, empower new developers to take up blockchain technology, and increase their own profitability is through branching out. An example of this is Coinbase, which took up the initiative and developed, not just a venture fund, but an accelerator program to empower startups.
— Binance (@binance) August 22, 2018
Other companies have since taken this message to heart, with Binance more recently, which announced that establishment of a new incubation program, according to its website this week.
“Labs team is very happy to introduce our new incubation program to support top early-stage teams with our best resources to help them jump start their best ideas. In short, 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.”
Along with creating an accelerator program, it aims to entice developers to take their blockchain ideas from idea to real use case, providing a significant amount of material, intellectual and marketing support:
- Seed Investment: We provide $500K Seed Funding (10% Equity). This allows startups to bootstrap as soon as possible.
- Mentorship: We have best mentors from both crypto and startup scenes who will support startups’ journey.
- Network: We help startups grow their network with notable founders coming every week, and of course the batch network will become the biggest assets.
- Support Services: We provide the best resources so startups can focus on building products/services.
Those interested in participating as one of the Binance Labs Accelerator's first startup companies, the Binance team have set up an application system on their website for users to follow.