Recently, Binance Labs, the famous cryptocurrency exchange platform, announced the start of an incubation program on Twitter. The move aims to develop early-stage blockchain startups by providing them with the best resources available to Binance.
According to Binance Lab’s official blog, the team has been making direct investments with an aim to support startups in bringing significant change to the entire ecosystem.
The Binance Labs Incubation Program is said to be a 10-week on-site program devised to assist early-stage blockchain startups to offer products that have a distinct product and market fit. The first batch of the program will be deployed in October. According to Binance, some of the leading early-stage blockchain startups will come together in San Francisco, California for the program.
The Binance Lab team has also confirmed that they will provide all kinds of resources to the startups which includes assistance with startup formation, regulatory and legal advice and help with recruitment. The team will also provide support with technical execution, fundraising, marketing and Public Relations. The teams will be encouraged to pitch the plan for their startup towards the end of the program to selected investors and strategic partners.
The team stated that they face two enormous challenges in furthering the initiative. The biggest challenge is the fact that cryptocurrency projects have a shortage of products and market fit. Secondly, the founders vested in the projects are many times preoccupied with the objective of BUIDLing due to market hypes.
Binance Labs believes that complete disruption has not yet occurred within the ecosystem and that there is much to do in terms of scouting for talent. Their ultimate mission nevertheless is to realize the full potential of blockchain platforms they said.
Twitter user, RSTA373 commented:
“HaHa! Because the world needs an expensive, inefficient and very slow way to process data. Outside the Bitcoin blockchain, tech has little value. Amazing how ignorant venture capital is when it comes to Blockchain.”
Another Twitter user, CR16462723 said:
“What’s this? Arnaque?”
Twitterati, Josusanmartin added:
“Nice! There’s probably enough to pay for the Binance listing.”
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