By
Marco T. Lanz
April 16th, 2024
With a view to support the most talented teams in different corners of the world, Binance will expand its incubation programs to 5 new cities.
Binance is interested in not only in expanding its services all over the globe but also in providing support to the most promising and innovative ideas worldwide. As it has become known Binance Labs, a venture wing of the above-mentioned crypto exchange, is planning to launch incubator programs in 5 new cities.
Binance Labs Incubation Programs
According to the information revealed, new crypto incubators will start their work in Berlin, Buenos Aires, Lagos, Singapore, and Hong Kong in March 2019.
The company invites early-stage blockchain projects in different corners of the works to take part in 10-week onsite programs. The participants of these new incubation programs will have a chance to meet in Singapore, where the headquarters of the exchange is located, during a three-week trip.
This year, the company has already organized an incubator in San Francisco. More than 500 teams applied for participation but only 8 of them were selected. Each of the chosen teams received $500,000 for the development.
Programs in 2019
Ella Zhang, head of Binance Labs, informed that the following year they would have two more waves of the program in San Francisco. Moreover, she also spoke about how blockchain can change such developing markets as Latin America and Africa, for example, she said:
“Those two emerging markets have native blockchain and crypto use cases. So we hope to find teams solving local problems like payments, the instability of local currencies, or remittance problems.”
At the same time, it is expected that teams in Hong Kong will pay attention to the solutions applicable in the traditional financial industry. The number of participants is not determined yet and will become known after the evaluation of the quality of the ideas introduced by applicants.
The shortlisted candidates will get around $250,000 each and then will go to Singapore to work on their projects. It is expected that after the tour in Singapore nearly 10 teams will be chosen to receive a larger amount of investments.
The main goal of these incubation programs is to encourage the development of projects including those that potentially could list their tokens on the exchange. Moreover, Binance is ready to promote the products and services of the most successful teams on its platforms.
Binance Promotes Crypto Awareness
Moreover, it has been recently announced that Binance has launched a collection of 500 educational articles devoted to crypto and blockchain-related issues with a view to combat with misleading and incorrect information in this sphere.
The product is created by the exchange’s education branch called Binance Academy. It represents itself a free platform offering articles that will be available in 15 languages and will provide “quality, unbiased, educational information”.
Though it is still unknown what exact information will be contained, the company has revealed that the articles will cover such issues as blockchain, security, and economics.