Binance Labs starts to produce the goods

Binance Labs, the venture arm of cryptocurrency exchange, Binance, has released the first batch of blockchain projects from its onsite incubation programme, including hardware wallet SafePal and market prediction startup Deaux.

There were over 500 applicants, with eight selected projects each receiving $500,000 in seed funding and access to  resources and mentors. Over the course of a 10-week programme, seven of these shipped working products and signed on users, while three snagged paying customers.

“The first batch of projects from the Binance Labs incubator has matured quickly over the course of the programme. The projects have grown their teams, many have shipped products with paying users, and they share our vision in this industry. 2018 has been a year of building and staying focused on the long-term. We will continue to grow the ecosystem and support top projects to build a solid service,” says Changpeng Zhao, Binance CEO.

Plans are now afoot to launch new incubator programmes in Berlin, Buenos Aires, Lagos, Singapore and Hong Kong.