Inaugural Incubator For Libra Crypto Developers, Libracamp, Was Not Founded By Facebook

Even though they may not contribute the mandatory $10 million to join the Libra Association, a team from Israel is primed to earn huge profits from the Libra project.

A newly started firm known as Libracamp has so far received over 80 applications from developers wishing to be part of a virtual bootcamp for Libra developers that will take place in November. Speaking to CoinDesk, Libracamp co-founder Tomer Weiss revealed that Facebook's Calibra officials has been communicating with Libracamp but is not funding the program.

Libracamp is made up of five co-founders who together have managed to raise $125,000 which will be divided among five selected teams during the inaugural boot camp during the coming fall. Currently, the five founders are looking to raise $1 million prize towards the winning team and also to be used for the 2020 second bootcamp.

One of the co-founders is crypto trader Yonatan Ben Simon who likened the fresh startup like an “investment curation system” that combines both the incubator approach with hedge fund-escue capital pools.

According to Ben Simon the fast approaching Libracamp platform will help in connecting the Libra developers with mentors, grant opportunities and investors, thereby providing a unique “crowd-sourced” vibe compared to other accelerator programs.

The bootcamp may have too soon and may be premature given that in its Q2 filing with the SEC, Facebook intimated that the Libra project may never take off given the many regulatory concerns.

Asked about the regulatory concerns, Ben Simon said that if Libra takes off then they will be a major player in a main financial infrastructure in the globe and if its muted, they can apply their protocol to different things. Saying it's a win-win situation for them.

Libracamp has already started giving out grants to startups and Kyber Network has been given a small grant prior to the bootcamp and is already working on atomic swaps between Libra and Ethereum.

Bootcamp mentor Lex Sokolin believes that Facebook should allow external parties seeking to tap into the Libra project and even support financially. Sokolin says this will help in reducing criticism against Facebook’s dominance in the Libra ecosystem.

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