Binance’s Blockchain Incubator Launches The First Blockchain Projects From Its Program
Binance Labs has released the first blockchain projects from the incubation program. The information was released by Binance Labs in a press release on December 14. The main intention behind this initiative is to help blockchain and cryptocurrency projects to start working in the space.
The company has been providing technical assistance and direct investment, allowing early-stage projects to find a place in the market. The program was launched back in August and it was already able to launch a few companies.
Binance Labs had to select 8 projects from over 500 different applicant projects from all over the world. Each of these projects received around $500,000 in seed funding. Furthermore, the teams received access to necessary resources and also mentors that were working with them in order to develop their ideas.
The course lasted 10 days and has seven projects that were able to release working products while other three projects have paying customers. Some of the projects released by Binance Labs were a hardware wallet called SafePal, a login for decentralized apps called Torus, a market prediction startup Deaux, among others.
Binance is trying to expand in a cryptocurrency market that has more competitors and that has been affected by a hard bear trend during the last year. Binance has also launched the Gold Label Project aimed at providing reliable information about different projects in the virtual currency space.
The cryptocurrency company is also trying to attract new investors. Last month, Binance launched an analysis division called Binance Research that would provide reports for institutions. This would allow companies to have high-quality information about the crypto market.
In the future, the intention is to launch a decentralized exchange. This platform will be based on the BNB cryptocurrency.
At the time of writing, Binance is the largest virtual currency exchange according to its trading volume. It handled $419 million in the last 24 hours.