Binance announces incubator expansion

Posted 14 December, 2018

Binance keeps looking for promising blockchain companies. Specifically, Binance Labs, the social fund aimed at supporting crypto and blockchain companies, will expand its incubate initiative with five more cities – Buenos Aires, Berlin, Lagos, Hong Kong and Singapore.

According to the news reports, Binance is going to launch a 10-week support programme for the companies are at the development stage now. It will apply the business pattern used in San Francisco. 

The company commented that its Singapore-based head office will host all members of the Binance Labs incubator next year, when the companies may show their progress and business achievements that they will make by that time.

Notably, the San Fransico phase will end this Friday. For now, the company has selected 8 companies out of about 500 applications. These companies have enjoyed funding of $500,000 each. 

As commented Binance Labs chief, the Hong Kong programme will target the traditional financial market. All participants will receive $250,000. At the same time, the number of projects that will be selected will depend on the number of inquiries and applications. After that, Binance will reduce the list to 10 teams in Singapore and they will enjoy extra investments.  

As a result, the exchange can discover the most promising companies that can offer effective instruments to the market as well as Binance and its partners. As for the startups in the incubator, they will get the most important at the development stage – support and chance to establish contacts with possible investors. 

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14 December, 2018 14:09

← Basis stablecoin project closed, Intangible Labs stated

The developer of the stablecoin Basis – Intangible Labs – confirmed the project shutdown citing the pressure from the US Securities and Exchange Commission. The team has held a meeting with the regulator, which hardly clarified certain issues. As a result, the company believed that they would fail to avoid classification as securities. Intangible Labs noted that all funds that were received earlier ($133 million) will be paid back to investors, including such big fishes as Google Ventures, Andreessen Horowitz, Bain Capital, Digital Currency Group, MetaStable Capital, Pantera Capital and PolyChain Capital.

Basis stablecoin project closed, Intangible Labs stated

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13 December, 2018 17:29

Revolut gets positive determination on banking license in Europe →

The European Central Bank reportedly awarded UK-based company Revolut with the banking license effective within the European region. The customers will be able to deposit up to EUR 100,000 at the first phase of the project. Notably, all the funds must be insured via the European deposit insurance system. In the long run, Revolut is considering the launch of the preventive measures against overdraft as well as provide traditional corporate and individual loans.

Revolut gets positive determination on banking license in Europe
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