Known as one of the largest cryptocurrency exchange around the world, Binance Labs has recently announced that it would be launching a brand new incubator program in over five cities.
According to the report by CoinDesk, the program shall be expanded to Berlin, Buenos Aires, Hong Kong, Lagos and Singapore during March 2019.
Launching during 2019, each of the chosen teams for the program shall receive a capital of $250,000 in funding each and will be flown to Singapore, the country Binance is based, for a three-week collaboration trip and demo day. Teams will be accepted depending on the quality and quantity of applicants. As of this 2018 year, over eight teams where chosen over the 500 applicants, who also received a total of $500,000 each and participated in the San Francisco incubator held this year.
The reason why the exchange decided to launch the new incubator program for both Latin America and Afrida, Head of Binanace Labs, Ella Zhang, told Coindesk,
“Those two emerging markets have native blockchain and crypto use cases. So we hope to find teams solving local problems like payments, the instability of local currencies, or remittance problems.”
Zhang elaborated on the goal behind the new program, which is to foster a community of builders, including high-quality token projects that could get their assets listed on the exchange. Furthermore, the teams will be capable of promoting any products or services they’ve developed through Binance’s platform after graduating from the program.
Binance is leading the way by helping upcoming developers kickstart their own dream projects with the tools they’ll need to succeed in the future. With this incubation expansion, it’s going to be quite intersting to see what kind of things get cooked up during the comings years.
Are you excited for the new incubator programs?
Let us know your thoughts.