Binance to Back Crypto, Blockchain Projects with Second Incubation Program
Binance Labs’ new initiative expands the program to Europe, North America, South America, Asia, and Africa.
Binance, one of the largest virtual asset exchanges by daily trading volume, has announced a second incubation program that would back virtual coin and blockchain projects. The initiative, called BUIDLing, would expand the scope of the company venture fund, Binance Labs, on a global level, the exchange said on Monday, but did not reveal the incubation program budget.
Binance plans to back projects from Europe, North America, South America, Asia, and Africa. The incubation program includes courses, mentorship, networking, and other support such as regulatory and legal advice. Binance Labs provides seed funding equivalent to 10% of the projects’ equity and 10% of token sale pool, the company said in the program announcement.
“BinanceLabs is going global! We encourage top blockchain developer teams to apply for the Binance Labs incubator,” the exchange tweeted.
The application procedure is open until January 30, 23:59 Pacific Time (January 31, 07:59 UTC). The teams should share information about their projects including the market advantages of the idea compared to similar initiatives, go-to-market strategy, and to explain why they need their own coins if they plan to issue tokens.
Interviews will take place until February 13, after which would follow a second phase of applications until February 28, 23:59 PT (March 1, 07:59 UTC). Successful projects will participate in training at one of five seven-week courses: in Berlin for European teams, Lagos for African projects and San Francisco and Buenos Aires, for ideas from the two Americas. Asian projects will have their courses in Hong Kong and Singapore. The courses would take place from March 25 to May 3, 2019. After that, the incubation program would continue with a 3-week course for all projects in Singapore in May 4-May 31.
Last year, Binance’s first incubation program selected eight projects from more than five hundred applicants. Each team received $500,000 in seed funding.
“There are two problems we have seen in the ecosystem, which helped inform our design of the program: a lack of product-market fit in many blockchain projects, and the market hype that distracts founders from BUIDLing,” Ella Zhang, head of Binance Labs, told Forbes after the inaugural ceremony of BUIDLing Session 1.