Bibox plans to launch its incubator for blockchain startups

Getting your Trinity Audio player ready...

Bibox, a leading cryptocurrency exchange, is planning to launch an incubator called Bibox Orbit for blockchain projects.

According to the official announcement, the incubator will provide the best growing environment for high potential blockchain projects. The exchange also intends to use the incubator to help these projects with ecological construction and long-term development. Bibox did not specify the dates it will be making its launch.

Bibox further added, “Bibox Orbit will be the strongest foundation for them to open the gate of the global market.”

Bibox is the ninth largest cryptocurrency exchange in term of adjusted trading volume. The exchange is based in Estonia. While this might be a big step for the exchange, Bibox’s incubator is not the first of its type in the market.

Incubators have become quite common among blockchain startups. These programs help reduce some hardships that come with starting a business. Incubators are aimed at helping startups get funding and other additional benefits.

Last August, Binance launched an incubator program called Binance Labs. The exchange launched the program to help early-stage blockchain and digital assets projects and entrepreneurs through direct investments and technical assistance.

Since its launch, the incubator project has tried out over 500 applicants. Five months down the line, Binance Labs released its first batch of blockchain projects. So far, Binance has selected eight projects. The exchange has given $500,000 in seed funding to help the companies. In addition, the plans have access to necessary resources and mentorship.

Coinbase Ventures also provides incubation services to young companies. The company said, “We’ll be providing financing to promising early-stage companies that have the teams and ideas that can move the space forward in a positive, meaningful way.”

Another cryptocurrency exchange based in Singapore, Huobi launched its incubator dubbed as Global Cultural and Creative Blockchain Lab. The exchange invested $1 billion in the project. The exchange also wants to collaborate with top global industry companies, alongside top universities, to further blockchain adoption.