The world largest cryptocurrency exchange Binance is expanding her incubator program into five new cities next year.
In an exclusive released by Coindesk, the venture arm of the crypto exchange Binance Labs will be launching in the following five cities Berlin, Buenos Aires, Lagos, Singapore, and Hong Kong come March 2019.
According to the Singapore based company, starting next year, they will begin to offer 10-week onsite programs for early-stage blockchain start-ups. The program will then conclude with a three week trip to the parent company in Singapore.
Head of Binance Labs Ella Zhang, reveals that the aim of the incubator program is to promote a community of builders that will provide solutions to problems.
Those two emerging markets have native blockchain and crypto use cases. So we hope to find teams solving local problems like payments, the instability of local currencies, or remittance problems.
Zhang further added that
“Some of our enterprise solutions will have Binance adopt them as clients,” Zhang said, adding projects that boost mainstream adoption could attract new users to Binance. We’ll help them build up the sales and distribution channel,”
Binance is ranked as the largest cryptocurrency exchange by volume according to CoinMarketCap. Over the past one year, the company has been expanding into various continent including Africa.
In October 2018, Binance launched her crypto-fiat exchange in Uganda, a move which was received by many as the exchange signed up over 40,000 users in her first week.
Incubator program are known to be one of the programs that have foster the growth of African startups. As they address many critical challenges faced by these startups and build viable and scalable innovation-driven companies.
Binance incubator program is one of the first blockchain focused program coming to Africa and with Lagos, it’s preferred destination blockchain start-ups based in Nigeria and Africa in general will no doubt gain more from this move.