BNB Chain to support early projects with new incubators
BNB Chain has announced a partnership with Binance's Venture arm to launch an incubator consortium to support early Web3 projects.
On June 13, the blockchain network released a new program created by Binance Labs to help emerging blockchain projects. BNB Chain said the new BNB Incubation Alliance (BIA) will allow projects to enter the network through a 10-week accelerator for builders, founders and developers.
In addition, participants of the Incubation Consortium may receive investment assistance from BNB Chain and Binance Labs. You can also access BNB Chain's startup-as-a-service program, which includes $300,000 to cover various aspects of the project, such as security and infrastructure.
BNB Chain to select participants through events
According to BNB Chain, BIA participants are selected by international events. The blockchain network said it will host events around the world in partnership with venture capitalists, incubators and developer communities.
In these events, the blockchain network identifies projects to innovate. BNB Chain explains that the events will focus on “early-stage blockchain ventures at the seed stage, pre- or post-production launch.”
A panel and representatives from the organization's partners and organizers will judge the program winners and present awards.
The BNB chain core development team said the alliance will bring emerging talent to success with its network, knowledge and tools. Meanwhile, Yi He, the head of Binance Labs, said that the incubation partnership confirms the company's commitment to supporting blockchain capabilities.
The first iteration of the BIA will be held at the Ethereum Community Conference in Brussels, Belgium.
Related: BNB Chain enables native liquidity on BSC
The price of BNB has exceeded 700 dollars
Recently, BNB Chain's native token BNB (BNB) has increased in price. According to crypto tracker CoinGecko, BNB reached an all-time high of $717.48 on June 6. However, the price experienced a correction, dropping to $601 on June 12. Currently, the price of BNB is sitting at $608.45.
BNB's recent gains have outperformed the broader crypto market. In the first six days of June, BNB accumulated a profit of 19%, while the market gained only 4.2%.
Despite this, traders questioned the sustainability of the rally and looked for indicators supporting the token's bullish move.
Magazine: ‘Bitcoin Layer 2s' Are Not L2s at All: Why Does That Matter?
