Marlin Protocol, which offers relayer networks to make blockchains faster, has raised $3 million from Binance Labs, Arrington XRP Capital and others.
Private key management startup Torus has raised $2 million from some heavy hitters, including Coinbase Ventures, Binance Labs and Multicoin Capital.
This startup is betting tokens can help incentivize privacy infrastructure across the internet.
Binance Labs has awarded grants of $15,000 each to three startups developing open-source blockchain technologies.
In a blog post a few hours ago, the team at Binance announced that the Government of Argentina will be supporting Binance Labs development efforts in the country. The collaboration is part of the blockchain and crypto revolution in the country.
Binance Labs has held several events and meetups in the country and Argentina is an integral part of their global expansion plans. Buenos Aires is this year’s regional hub for the Binance Labs Incubation program for Latin America. The program will begin its second season this month and has picked Argentina for its role in embracing blockchain and crypto in the region.
Government Grant of Up to $50,000
Argentina’s Ministry of Production and Labor has pledged to support Binance Labs and LatamEx with its Accelerator Program. The latter is offering a grant of up to $50,000 on every project Binance Labs invests in. This pledge is valid for up t0 10 projects per year. With this deal, the Argentinian government becomes a Binance Labs partner in blockchain investments in the country.
Ella Zhang, Head of Binance Labs, explained why Argentina is unique in furthering the adoption of blockchain technology.
Argentina is at the forefront of blockchain adoption and we’ve witnessed how it’s becoming home to some very passionate blockchain communities during our trip there.
Our mission at Binance Labs is to realize the full potential of blockchain technologies. To that end, we are very excited to support blockchain projects, entrepreneurs and developers through our Buenos Aires chapter, to advise and mentor them, to find product-market fit, and provide them with in-time access to global blockchain technology development to solve local problems.
Pablo Orlando, Founder & CEO of LatamEx and Founders Lab, also added that Latin America is at the forefront of blockchain adoption and real use cases of the technology. Argentina has become a hub for the best projects and entrepreneurs in the region. With the Binance Labs incubation program, such projects and talented individuals will have a chance to flourish.
More on Crypto and Blockchain Adoption in Argentina
The country of Argentina has accelerated adoption of crypto and blockchain as a way of working around its economy’s recession. The country has crypto ATMs and many businesses accepting cryptocurrency payments. One example of mainstream crypto adoption is the capability of topping up the country’s state public transport card, SUBE, using Bitcoin.
Recent Performance of BNB
Further looking at the crypto markets, we find that Binance Coin (BNB) has had an amazing run in the past few days. The token is now valued at $15.37 after a recent peak of $15.56. BNB is now ranked 7th on Coinmarketcap.com ahead of Tether (USDT), Stellar (XLM), and Tron (TRX).
What are your thoughts on Binance Labs and the Argentinian government partnering to support blockchain projects in the country? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
The post Binance Labs and Argentina’s Government Partner to Support Blockchain Adoption in the Country appeared first on Ethereum World News.
One goal of the incubator is to foster projects that could get their tokens listed on Binance’s exchange.
Bluehill, a startup incubator for global blockchain projects, launched on Thursday after raising $50 million to support the IOST blockchain ecosystem.
The firm said in a release that it is now taking in applications from startups on a rolling basis and on average invests $500,000 into a project with “both seed investments of $100,000 and follow-on investments in the low millions.”
Notably, the startup claims it will work with Binance Labs and Huobi Capital when investing in companies.
Though its fund will be used to back startups – including their finance, marketing, and recruitment needs – that are built on the IOST ecosystem, Bluehill told CoinDesk in an email that it is “open to all projects irrespective of whether they’re presently building on IOST.”
“Our focus is on backing the best teams early and aligning our interests with theirs right from the start so that we can build trust and familiarity with the most enduring companies,” the firm said.
According to the announcement, Bluehill has already invested in seven decentralized application projects. Among them, six are built on the IOST blockchain while the other one is developing its own blockchain protocol.
Launched in 2017, the IOST protocol seeks to provide a scalable blockchain network for the Internet of Services.
The project has received support from notable investors in China, including Sequoia China, ZhenFund, Huobi, crypto wallet provider Bixin and INBlockchain, the capital firm founded by Chinese crypto tycoon Li Xiaolai.
Bluehill said it now has around 50 staff with offices in Beijing, Seoul, Singapore , Berlin, and San Francisco and aims to expand to over 100 employees by the end of this year.
U.S. dollar image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Binance Labs has taken its first big steps, not only at a corporate level but also at PRs with the announcement of Binance Labs’ first AMA on Reddit tonight.
— Binance Labs (@BinanceLabs) June 4, 2018
An AMA is a strategy through which someone opens up a thread in Reddit for a period so people can ask all kinds of questions to the Thread initiator. In this way, a higher level of interaction is achieved vis-à-vis other strategies such as forums, chats or tweets.
The use of this tool proves how seriously Binance takes the investments it makes in side projects without losing focus on the famous exchange as a star product.
Binance Labs was born as an initiative of the Binance team to finance and promote projects focused on the growth of the cryptomarket and blockchain technology ecosystem.
“Binance Labs is a social impact fund. It is an initiative to incubate, invest and empower top blockchain and cryptocurrency entrepreneurs, projects, and communities. Binance Labs is not a profit-driven fund, but an impact-driven, mission-driven and passion-driven strategic fund for the entire ecosystem, not just for Binance. Our mission is to solve problems that matter most to the ecosystem and change the world for the better.”
Binance Labs: A Small Project With a Great Team Behind
Along with Ella Zhang, other Binance Labs members participating in Binance Labs’ first AMA on Reddit will be Benjamin Rameau, Flora Sun, Ling Zhang and Christy Choi and the Partner of Binance Labs Teck Chia.
The community positively received the Twitter announcement. Despite being a small project compared to Binance, the likes and comments on social networks show that the ecosystem follows these types of projects very carefully.
Binance is currently the most important exchange by volume of transactions according to coinmarketcap.
A few hours ago, Ella Zhang had already made her mark on social networks for her comments, acknowledging that cryptos are a bubble that should burst.
Her statements, though harsh, have a strong foundation considering they come from person used to dealing with high-risk investments:
“We’d like the bubble to break. We still see a lot of hype in the market; valuations are high and unreasonable. We really think if the bubble bursts, it’s a good thing for the industry.”
Ella Zhang, the head of Binance Labs believes there is a cryptocurrency bubble that needs to burst before true blockchain utility can emerge. Zhang recently announced that Binance was investing $1 billion in support of cryptocurrency and blockchain technology startups.
True Utility Will Only Emerge After the Cryptocurrency Bubble Bursts
In a phone interview with Bloomberg, the Binance Labs chief outlined the company’s views on the present state of the market, saying:
We’d like the bubble to break. We still see a lot of hype in the market, valuations are high and unreasonable. We really think if the bubble bursts, it’s a good thing for the industry.
Many cryptocurrency critics say the market is a bubble. Some have even likened it to previous market bubbles like the dot-com bubble of the 90s and the tulipmania of the 17th century. The consensus among the crypto-naysayers is that digital currencies will die-out after a few years.
For the crypto-proponents, many debunk the bubble claims. Even the ones who do say when the bubble bursts, the projects with real utility will emerge and cryptocurrencies will drive the development of the future. They point to the dot-com crash and how it led to the evolution of the modern-day e-commerce space. Zhang’s sentiments seem to support this last opinion. According to the head of Binance Labs, the crypto bull run is good for attracting investors, but it offers no real utility for the market beyond the flow of liquidity.
The Binance Fund and Support for Crypto and Blockchain Startups
Binance recently announced a $1 billion support fund for cryptocurrency and blockchain startups. As head of Binance Labs, the venture incubator for the Binance platform, Zhang is directly in charge of overseeing the support fund. The company is also taking steps to combat the prevalence of fraud in the industry. Binance, the cryptocurrency exchange behemoth plans to launch the Cryptocurrency Governance Initiative (CGI) with the website going live.
Speaking on the initiative, Zhang said:
The main purpose of this is to fight scams and sh*t coins and to boost crypto and blockchain technology.
The head of Binance Labs also said that any project that Binance invests in must vow not to participate in pump and dump schemes. According to Zhang, Binance will closely monitor each project to ensure that they remain in compliance with the provisions of the fund. Any project found violating the terms and conditions will be immediately de-listed and company will cease its collaboration with the erring party.
Record Revenue Earnings for ICOs in 2018
Zhang’s comments on the state of the market bring into sharp focus the Initial Coin Offering (ICO) scene. Despite the decline in the prices of digital currencies, the ICO market continues to grow. 2017 was a breakout year for ICOs with many projects raising hundreds of millions of dollars. The sale of digital tokens by ICOs in 2018 has already far exceeded the record set in 2017. According to figures released by Coinschedule, ICOs have raised about $9.6 billion so far in 2018.
Do you agree with Zhang’s notion that the crypto bubble needs to burst before the industry can indeed begin to flourish? What are your views on Binance’s efforts to support cryptocurrency and blockchain technology startups? Keep the conversation going in the comment section below.
Image courtesy of Shutterstock, LinkedIn (https://www.linkedin.com/in/ella-zhang-992b9817), and Coinschedule.