Binance Labs, the blockchain and cryptocurrency incubator, introduced 8 blockchain projects since August. Additionally, it initiated an on-site incubation program for 10 weeks. The primary purpose of the program was to assist ventures in the early stages with financing and technical assistance.
The report demonstrated that more than 500 candidates received the Incubation program in a span of four weeks. Ventures have been meticulously assessed. After the review procedure, the company chose only 8 projects. These projects got seed funding of $500,000 and the research facilities also provided entry to a broad range of assets, industry pioneers and tutors.
Changpeng Zhao, Binance CEO said “The first batch of projects from the Binance Labs incubator has matured quickly over the course of the program. The projects have grown their teams, many have shipped products with paying users, and they share our vision in this industry. 2018 has been a year of building and staying focused on the long term. We will continue to grow the ecosystem and support top projects to build a solid service.”
The ventures will also be handed at the Binance Conference in Singapore in January 2019. The 8 chosen ventures range from decentralized replacement to inexpensive hardware wallets. Ella Zhang, head of Binance Labs, says that the blockchain ecosystem has two issues. She said that several blockchain projects are not “market fits for products.”
The “market hype” also redirects the founders from BUIDLing[ create useful things]. “Projects can focus on shipping a working product or service with a product- market fit as quickly as possible with the incubation program,” Zhang indicated.
CEO of Akio Labs, one of the chosen projects of the incubation program, said “I would highly recommend the Binance Labs incubation program. Anytime we needed to get a connection to someone in the industry, Binance Labs had a first-degree or second-degree connection, and we were able to talk to that person. That helped us tremendously accelerate our progress.”
Binance Labs trusts that mentoring and leadership are pivotal for the future progress of pioneering ventures. It intends to develop an efficient blockchain network of BUIDLers.
