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.