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Cryptocurrency News

Coinbase and Binance’s search for $1bn “unicorn”

Incubation programs are developing into projects that may have key roles in shaping the blockchain industry for years to come. Unsurprisingly, Binance and Coinbase are already well placed in the space, having a couple “unicorns” behind the scenes.

In finance, a “unicorn” is a tech company that has the potential to reach $1Bn USD or even more. The main aim of those incubation programs is to be the first in knowing the ideas that will transform the business.

Binance Labs has successfully cultivated multiple initiatives already, by investing and empowering blockchain and cryptocurrency entrepreneurs, projects, and communities. The program integrates a seed investment (usually 10% equity), mentorship, network, legal advice, technical execution, marketing, and formation.

Startups applying for Binance and Coinbase’s incubators need to be already above the median. Many of them are requested to have a settled chain infrastructure, adoption, scaling solution, layers, Decentralised VPN and Governance Tools.

In the latest season, Binance funded around 35 potential companies. Ella Zhang, Head of Binance Labs, tweeted:

“We are so proud to have 35 portfolio companies and hundreds of #BUIDLers in our @BinanceLabs family. Our goal is to build the best network for entrepreneurs and improve the blockchain ecosystem.”

Projects incubated has also experienced a rapid evolution, with many of them being able to get listed on Binance and other major exchanges in a matter of months. CZ tweeted:

“A project invested by  @BinanceLabs a year and a half ago worked for a year and a half before getting listed on  @binance”

.

Blockchain incubation programs are not similar to the venture capital world we know, actually, they are more focused on building a successful business venture from scratch. The ideas of the tech companies get tested multiple times, and they are mentored on how to build an idea that can be a game-changer in the real-world.

 

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