Things To Know About Creating Infographics
In the competitive world of internet marketing, it is worth to try all the different…
ust a couple months after announcing a $1 billion fund to back blockchain and crypto startups, Binance the world’s largest exchange, has tlaunched an in-house incubation program for early-stage crypto and blockchain ventures.
According to TechCrunch, Binance Labs CEO Ella Zhang noted that the incubation program is planning to take on eight to ten companies “per batch” for a 10-week tenure. The firm is looking to work with fund managers who have managed $100 million in assets.
So what will the incubation program entail?
Well, as per the official Binance announcement, the program will provide its ‘incubatees’ with $500,000 in seed funding in exchange for a 10% stake in the startup. If the program keeps up with its planned eight to ten projects every 10-weeks, that means that Binance will be forking out at least $4 million nearly every two months. It remains to be seen whether this seed investment will take the form of fiat or crypto, however. Along with an investment, Binance Labs intends to provide the projects is chooses with mentorship, networking and support services, as alluded to in the following list:
The maiden program is set to begin on October 9th in San Francisco, with the sign-up deadline being September 14th for companies looking to take part in the incubation process. Following the 10-week period, the program will close with a “BUDILer Day,” which will be an opportunity for the startups to show off what they have created to an audience of prospective investors, media outlets, and industry leaders.
Following the incubation process, Zhang added that Binance Labs’ venture fund will have “follow-on” investment opportunities to help facilitate a long-term relationship between the cryptocurrency giant and the former-incubatees.
The firm will also launch a Binance Ecosystem Fund which it said will include 20 partners. Further details of both initiatives will be released soon.