Binance Labs Launches Incubator Program to Support Startups

Binance Labs, part of leading cryptocurrency exchange Binance, announced it is launching an incubator for early-stage development teams and startups.

According to the official announcement, the Binance Labs Incubation Program is a 10-week on-site program to help with resources top early-stage teams to jump start their best ideas and deliver a product or service with a product or market fit.

The Binance incubation program will provide seed investment of $500 000 for 10% equity or tokens, which will allow startups to launch as soon as possible. The project will also offer mentorship from experienced people in the crypto and startup spheres to provide support and ideas for the companies.

Within the program, Binance will also set up weekly networking opportunities with notable founders and will connect the participants in the incubation program with one another and with the company’s own network. On BUIDLers days the participants will have the opportunity to present their projects and products to strategic partners and investors.

Additionally, Binance will provide support services such as help with startup formation, regulatory and legal advice, recruiting, technical execution, fundraising, marketing and PR activities.

The application deadline is September 14 and the first group of participants in the Binance incubation program will be gathered in San Francisco on October 8 for the duration of the first 10-week program. The locations will be rotated.

Binance Labs is a social impact fund and an initiative to incubate, invest, and empower blockchain and cryptocurrency entrepreneurs, projects, and communities. It is part of the larger Binance ecosystem that includes Launchpad, Info, Academy and Charity Foundation, plus the cryptocurrency exchanges for retail and institutional clients and the recently launched fiat-to-crypto marketplace based in Liechtenstein.