Binance To Open Crypto Incubator Programs In Hong Kong, Singapore, Berlin, Lagos And Buenos Aires
Binance is working in order to expand its products and services all over the world. It does not want to be just an exchange but also a crypto unicorn that would succeed in the market providing clients and customers with the best experience in the space.
The popular cryptocurrency company revealed to CoinDesk that they will be launching a new incubator program in five important cities around the world. The investment plan will be led by the venture branch of the exchange, Binance Labs. The cities are Berlin, Buenos Aires, Lagos, Singapore and Hong Kong.
The main intention is to start in March 2019 and start expanding all over the world. The firm will be offering programs for early-stage blockchain projects. At the same time, there were eight teams that were selected among other 500 applicants and receive $500,000 to participate in an incubator in San Francisco in 2018.
Ella Zhang commented about this expansion:
“Those two emerging markets [Latin America and Africa] have naive blockchain and crypto use cases. So we hope to find teams solving local problems like payments, the instability of local currencies, or remittance problems.”
In other places such as Hong Kong, the main idea is to improve the different challenges that are faced by the traditional financial sector. Once these projects graduate from the program they will be able to promote their products on different Binance platforms.
Binance has important contacts, something that attracted the attention of many startups that wanted to apply to the program. In a bear market such as the one that we are experiencing companies are struggling to reach new customers and contacts to keep expanding the products or services, they’ve created.
Robert Yua, the founder of a software startup called Path, mentioned that Binance Labs program helped create a blockchain-agnostic API solution. One of the main points Mr. Yua marked was related to the variety of mentors that Binance had.
Binance is currently the largest crypto exchange in terms of trading volume according to CoinMarketCap. In the last 24 hours, it handled $397 million.
A few days ago, Binance released its weekly report in which Changpeng Zhao, the CEO and founder of Binance, talked about the decentralized exchange that the platform is currently building. In the future, new projects related to Binance could help the market continue to grow.