Ethereum Classic’s ETC Labs Launches Crypto Startup Incubator Pilot to Gain Insight and Feedback
ETC Labs Launches Startup Incubator Pilot, Program Already Has More Than 100 Applications
Elizabeth Kukko, the director of Ethereum Classic’s investment branch ETC Labs, has recently talked about the company’s incubator program during an interview. Right from the start, a total of six selected projects are already a part of the project and the full launch will happen in the first quarter of 2019.
According to the director, the goal of the program will be to use the incubator model to get and give feedback with this initial team before the main launch. The pilot was started on October 1 and the six companies which are already with ETC Labs get free working space and the opportunity to talk with the team, as well as to present their ideas to high-profile investors during the launch event, which will be held on October 25.
Kukko has affirmed that the company has seen a lot of interest in the program and that over 120 applications have been received so far. Elizabeth has highlighted that some companies have really unique ideas that will be very interesting to see developed and that the company will help as many companies as possible.
The director of ETC Labs has also explained that the main reason for wanting to invest in this space is that the ETC platform is very secure and that it is creating a very competitive market. Starting next year, the lab is interested in supporting 20 to 24 startups per year so they can reach their full potential.
However, due to space issues, only 10 to 12 of them will be accommodated at the time.
ETC Loses Positions In The Crypto Market But Remains Competitive
The bear market has also touched Ethereum Classic. As the market slump continues, ETC has lost some its position in the market cap. While the price of the token jumped 25 percent when the U. S. based crypto exchange Coinbase announced that it would list it, the market has now disintegrated most of these gains.
At the time of this report, ETC/USD was traded around $9.55 USD, its lowest point since May 2017. However, the market cap of ETC is still above the $1 billion USD mark, but it look like it might not hold there for long if the downtrend continues.
Why bet in ETC, then? According to Kukko, because of the stability and security that the technology provides. While not as popular as the main Ethereum (ETH), ETC is still considered to be a very valuable blockchain.