BNB Chain has announced a partnership with Binance’s investment arm to establish an incubation alliance aimed at supporting early Web3 projects.
The blockchain network revealed a new initiative in collaboration with Binance Labs on June 13, designed to assist upcoming blockchain ventures. The BNB Chain introduced the BNB Incubation Alliance (BIA), offering projects the opportunity to join the network’s 10-week accelerator program tailored for builders, founders, and developers.
Participants in the incubation alliance will have access to grants from BNB Chain and investments from Binance Labs. They will also be able to utilize BNB Chain’s launch-as-a-service program, which provides $300,000 worth of free services covering various project aspects such as security and infrastructure.
BNB Chain will select participants through global events
BNB Chain outlined that BIA participants will be selected through global events. The blockchain network plans to partner with venture capitalists, incubators, and developer communities to host events worldwide.
These events will serve as a platform for identifying projects suitable for incubation. BNB Chain emphasized that the focus of the events will be on “early-stage blockchain ventures in the incubation stage, pre or post-product launch.”
A panel comprising representatives from the organization’s partners and co-organizers will evaluate the program’s winners and present awards.
The BNB Chain Core Development Team expressed that the alliance aims to provide emerging talent with the necessary network, knowledge, and tools for success. Meanwhile, Yi He, head of Binance Labs, stated that the incubation alliance reinforces the company’s dedication to supporting blockchain talent.
The first edition of the BIA will take place at the Ethereum Community Conference event in Brussels, Belgium.
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The launch of the incubation alliance coincides with a recent surge in the price of BNB Chain’s native token, BNB. According to CoinGecko, BNB reached a record high of $717.48 on June 6. However, the price saw a correction, dropping to $601 on June 12. Currently, BNB is priced at $608.45.
BNB’s recent price gains outpaced the broader cryptocurrency market performance. In the first six days of June, BNB recorded a 19% increase, while the market only saw a 4.2% gain.
Despite this, traders are questioning the sustainability of the price rally and are seeking indicators to support the token’s bullish momentum.
BNB’s 1-year price chart. Source: CoinGecko
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