BLOCKCHAIN INCUBATOR BINANCE LABS HAS RELEASED THE FIRST BLOCKCHAIN PROJECTS
Binance Labs, the venture division of the largest crypto-exchange Binance, released the first “batch” of blockchain projects of its blockchain incubator.
Binance Labs launched an incubator to promote promising blockchain startups and support the ecosystem, in August. The program provided startups with initial capital, technical and legal support and networking.
In the first round, the company selected 8 projects out of 500 applications, each of which received an initial investment of $ 500,000. During the 10-week course, 7 projects prepared a working prototype and assembled a user base, while 3 teams even sell products and services to their customers.
Among the eight selected projects, the company chose projects with a device for cold storage of SafePal crypto-currencies, a system for simplifying the authorization procedure for decentralized Torus applications, a project on cybersecurity Nym and a startup Deaux analyzing the market.
This is not the first step for Binance to develop the industry: in June, the company announced the creation of a Social Impact Fund to invest $1 billion in blockchain and cryptocurrency startups.
Binance also seeks to expand the range of its cryptocurrency business partners: an example is the company’s recent collaboration with Libra Credit to provide Fiat and cryptocurrency loans to BNB token holders, or support blockchain in the gaming industry in conjunction with ChiliZ, a billion-dollar e-sports company.
Recently, the General Director of Binance, Changpeng Zhao, told about the company’s plans to launch a decentralized exchange, which previously acquired the rights to the decentralized application Trust Wallet.