Binance Labs recently announced the launch of eight projects which have been incubated over the course of the last few months. The San Francisco chapter of Binance Labs ended its ten-week Incubation Program which focused on providing guidance, mentorship, and resources to each project.
Over 500 project teams applied for the program, and after an intensive review process, eight were selected and granted $500,000 each. The projects also received access to fireside talks from industry leaders including Binance CEO Changpeng Zhao.
Ella Zhang, the head of Binance Labs, told CCN:
In the long run, we aim to build up a strong blockchain ecosystem and network of BUIDLers around the world. Our first incubation program in San Francisco was an amazing experience and we are grateful to the mentors, advisers and friends who helped our BUIDLers during the 10 weeks. We are very excited to expand our program next season and meet with blockchain projects across five different continents -- scaling quickly, that is Binance speed.
BUIDL is a glossary term from Binance Academy, and the Labs project had a strong focus on creation and market readiness. Seven out of eight of the selected projects have already shipped working products with three projects already signing paying customers.
Robert Yau, the founder of Path, spoke to CCN about his project and experience with Binance Labs. When asked to describe Path, Yau said:
Path is an API platform to allow developers to focus on building financial products without the need to understand all the different exchanges, wallets, or the blockchain. The goal is to expand the crypto ecosystem to traditional app developers, to enable new ideas focused on real use cases. Similar to what Plaid did for the fiat world.
I also asked Yau what Binance Labs offered in terms of support:
The most obvious answer is the seed capital to kick off the company. But the real intangle (and I believe that will make the company a success) is the knowledge gained. The weekly fire chat and the mentors are invaluable. These are people you may see at a conference and out of reach. With the Binance Incubation Program, you get intimate fire chat discussions and/or one-one time - these are priceless.
All projects will have the chance to pitch onstage at Binance Conference in Singapore on January 21, and Binance will be hosting its next incubation project across multiple continents in Buenos Aires, Singapore, Lagos, Hong Kong, San Francisco, and Berlin.
Binance's incubation project launched the following eight startups:
Featured image from Shutterstock. Ella Zhang portrait from LinkedIn.