Sunday, 8 Dec 2019

Incubator Program Launched By Binance; Aims At Developing The Blockchain Startups

 Some of the largest companies as far as the cryptocurrency world is concerned are enduring to make the ecosystem with the help of some huge investments exclusively on their own. For instance, Binance, which is the largest exchange in the entire world, is doing just the same. The company is actually storming beyond an enormous $1 billion fund which was unveiled by it a few months ago, after the company announced the incubator program which mainly focuses on helping the blockchain startups which are at the early stages to nurture and develop.

Incubator Program Launched By Binance; Aims At Developing The Blockchain Startups

This incubator program was actually teased back by the company earlier this year in the month of June at the time of announcing the fund but the company has now decided to not keep it in the dark anymore and is willing to provide all the necessary details about the same.

This incubator program is expected to take as many as 8 to 10 companies in a single batch for a period of nearly 10 weeks. Ella Zhang, who works as the CEO at the company, revealed in an interview that holding one program in one quarter would help in adding the target. This frequency is actually very rare, even for the people who have done the4se incubator programs full time in the past, but it seems that there is much more to the story.

The company will be handing out as much as $500,000 to all of the participants of the program and in return it will ask for a 10 percent stake, as far as the business is concerned. This is still a huge effort as compared to the other programs, but the company has not provided details about whether the investment will be in crypto, or fiat or a combination of both the currencies. Along with this, the company will allow the participants to access the company’s benefits as well.

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