BNB Chain has revealed a new partnership with Binance’s venture arm to establish an incubation alliance aimed at supporting early Web3 projects.
The blockchain network, on June 13, introduced a fresh initiative in collaboration with Binance Labs to assist budding blockchain ventures. The BNB Incubation Alliance (BIA) will provide projects with the opportunity to participate in a 10-week accelerator program tailored for builders, founders, and developers within the network.
Participants in the incubation alliance will have access to grants from BNB Chain and investments from Binance Labs. They will also benefit from BNB Chain’s launch-as-a-service program, which offers $300,000 worth of free services covering various project aspects such as security and infrastructure.
BNB Chain plans to select participants through a series of global events. The blockchain network intends to partner with venture capitalists, incubators, and developer communities to organize events across the globe. These events will serve as a platform to identify projects suitable for incubation, focusing on early-stage blockchain ventures in the incubation phase, either pre or post-product launch.
An expert panel comprising representatives from the organization’s partners and co-organizers will evaluate the program’s winners and present them with awards. The BNB Chain Core Development Team expressed confidence that the alliance will equip emerging talent with the necessary network, knowledge, and tools for success. Meanwhile, Yi He, head of Binance Labs, emphasized that the incubation alliance underscores the company’s dedication to nurturing blockchain talent.
The inaugural edition of the BIA is set to take place at the Ethereum Community Conference event in Brussels, Belgium.
The launch of the incubation alliance coincides with a recent surge in the price of BNB, the native token of BNB Chain. According to CoinGecko, BNB hit a record high of $717.48 on June 6, before correcting to $601 on June 12. Currently, the price of BNB stands at $608.45.
BNB’s recent price gains have outperformed the broader cryptocurrency market, with a 19% increase in the first six days of June compared to a 4.2% gain in the overall market. Despite this, traders have raised concerns about the sustainability of the rally and are seeking indicators to support the token’s bullish momentum.
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