Binance Releases its First Batch of ‘Blockchain Incubator’ Projects

Binance Labs, a venture sidearm of the world’s biggest crypto exchange Binance, has announced its first batch of the futuristic blockchain incubation program. The blockchain initiative is aimed at helping new and upcoming digital entrepreneurs with a flush of investment and technical guidance.

The new blockchain incubation program was first announced in August 2018 with over 500 applicants applying for the project. Binance Labs selected only eight projects from the submitted ones and each of them would receive initial funding of $500,000 along with guidance, resources, and mentors.

The new initiative by Binance Labs is the right way to move forward, and the program is already showing great potential. Out of the total of eight selected projects, seven have already started shipping their working products and started signing users while three of those projects already have paying customers.

Which Projects Got on the Incubation Program?

Among the 500 applicants, a total of eight projects ticked all the right boxes and got the seed-funding of $500,000. Some of the projects which made it to the list include hardware wallet SafePal, fictionless logins for decentralized apps (DApps) Torus, Internet security project Nym, and market prediction startup Deaux.

During an AMA session on Reddit, the head of Binance Labs, Ella Zhang, has pointed out the need of these initiatives towards a more decentralized future. Ella also pointed out that decentralization is the key to the success of Bitcoin and blockchain.

Binance Investing in a Decentralized and Transparent Future

Binance Labs in its latest approach has decided to finance the new and upcoming projects to expand the realm of blockchain and decentralized networks. Earlier in October, Binance Labs has invested millions in decentralized content sharing platform Contentos. The startup is aiming to create a platform for content sharing based on the blockchain. The platform aims to incentivize the content and contributors on the platform without any third-party involvement.

Binance has also set up an analysis wing whose sole purpose would be to conduct institutional grade reports for increasing the level of transparency and improving the quality of information in the cryptocurrency sector.

Final Thoughts

The novel incubation project by Binance is the need of the hour. More top players with enough resources and capital must incorporate the same trend to make blockchain on par with the internet revolution of the 1990s. The aim should always be welfare and advancement of the technology overall rather than personal growth.

This move by Binance Labs can inspire others to join on the sustainable development mindset and help the community on a whole to flourish exponentially.