Leading cryptocurrency exchange Binance has recently revealed that it’s venture arm Binance Labs will be expanding its startup incubator program to Berlin, Buenos Aires, Lagos, Singapore, and Hong Kong in March of next year.
The announcement, according to CoinDesk, comes right as the first incubator program in San Francisco is set to end. Binance Labs is offering blockchain and cryptocurrency startups a 10-week program to help them develop their businesses, ending it with a three-week-long visit to Singapore and a day in which projects will be able to showcase themselves.
As CryptoGlobe covered, Binance Labs’ San Francisco program was offering cryptocurrency startups $500,000 in exchange for a 10% stake in their business, and saw eight firms get chosen out of over 500 applicants. The program for the city is scheduled to run twice next year, but dates haven’t yet been revealed.
Now, according to Binance Labs, each participating company will receive $250,000, but will be given the opportunity to use Binance to promote itself. The number of applicants will reportedly be selected according to the “quantity and quality” of the applications received. When they get to Singapore, about 10 teams are set to be selected for a second, larger investment.
Speaking to CoinDesk Ella Zhang, head of Binance Labs, noted the program is looking for different projects in different cities. In Africa or Latin America, Zhang noted, it’s looking for projects looking to solve local problems, as these are “emerging markets” with “native blockchain and crypto use cases.” She was quoted as saying:
So we hope to find teams solving local problems like payments, the instability of local currencies, or remittance problems.
The program doesn’t just help the projects, it gives Binance a chance to look into the emerging technologies in the space and be at the forefront of crypto’s next big thing. Startups are encouraged to apply for the program, as Zhang noted Binance helps them reach its 10 million users.
Binance Labs’ announcement comes right after Binance launched the full version of its Binance Academy, which helps users learn about blockchain technology and cryptocurrencies through mainly text-based resources.
The Academy, legally established as a nonprofit organization, is currently divided into four main categories: tutorials, blockchain, economy, and security. It also has a glossary section that helps users understand the jargon used in the space.
Notably, Binance’s CEO Changpeng Zhao has recently revealed the firm is more comfortable invest now, as he believes valuations are “more reasonable” and only strong teams are left on the market.