Israeli Startup Beats Facebook in Launching First Incubator for Libra Developers

Michael LaVere
  • Israeli startup Libracamp to become the first incubator program for libra development
  • Group hopes to raise $1 million as a prize for the winning team. 

A small team of Israeli entrepreneurs has beaten Facebook to the punch in creating the first incubator for libra developers. 

Libra Incubator

The startup, titled Libracamp, has created a virtual boot camp for Facebook's digital currency development and is set to launch in November.

The project will serve as an incubator for developers working with libra and creating on its testnet, in lieu of an official operation by the social media platform. Libracamp will have five spots in the initial cohort and hopes to raise $1 million in prize money for the winning team, in addition to providing funding for the second round of developers. 

Already the program reports having more than 80 projects apply for the five openings. Tomer Weiss, co-founder of Libracamp, told CoinDesk that Facebook has reached out the team, despite making an official sponsorship. 

Weiss said,   

“We see this as the ‘iOS moment’ of digital assets and programmable money applications. Imagine there was an incubator that came to companies and helped them think about how to put their companies on iOS before the iPhone launched.”

The co-founders have pooled together $125,000 for the teams to use in the incubator program, but are hoping to raise more to extend the project into a second group for 2020.