Selected enterprises will receive advice and seed capital until February
Individuals and small companies in Latin America that have designed crypto-ideas will be able to postulate their projects until February to receive as a prize the financing of Binance Labs, the investment branch of the Binance exchange house, a social impact fund to invest and empower the blockchain and cryptocurrency entrepreneurs.
The idea of this initiative is to “inject” resources into proposals related to cryptoactive and distributed accounting technology. Any Latin American enterprise can apply for financing. The same applies to the regional proposals of each continent, which are not limited to the city or the chosen host country.
Enthusiasts can present their work plans on two deadlines: until January 30th, in a first phase, or postulate their applications between February 14th and 28th, in its second stage. Those who do so in the first group will have an interview about their idea between January 31st and February 13th, whilst those who do it in the second round will go to the interview between February 25th and March 2nd; this was reported on the official page of the program.
The call will have two chapters. The first phase will be regional per continent, and will take place between March 25th and May 3rd. For this phase, Binance Labs selected the cities of Lagos (Africa), Hong Kong and Singapore (Asia), Berlin (Europe), San Francisco (North America) and Buenos Aires (South America) as venues of the event.
The second stage will be held between May 4th and 31st, in Singapore, city in which all the selected teams will be assembled. Interested teams can review the general questions and consider their possibilities to send the request.
Subsidy and Seed Fund
Binance Labs will provide seed capital according to the requirements of each project. It will also provide participants with tutoring experts in cryptocurrency technology and connect startups with industry leaders to create future and positive partnerships. The company also undertakes to offer “support for the formation of new companies, legal, regulatory, recruitment, technical execution, fundraising, marketing and public relations”, as described on its official website.
The Binance Labs subsidy is presented even though the cryptoactive market remains bearish, which has led to the closure of multiple startups that made life in the crypto ecosystem, investment funds or the dismissal of personnel, because they could not stay and deal with that situation. However, some other companies have decided to continue investing in the crypto world, to develop projects related to this area.
The ZCash foundation is one of those examples. It ceated financing programs and distribute $ 264,100, in ZEC cryptocurrency, to promote 13 winning proposals from its 2018Q2 Grants Program.
The 0x open source project also announced in December the launch of its Ecosystem Acceleration Program with annual grants exceeding one million dollars. The Blockchain for Humanitu awards (b4H) is another example of the accompaniment to the raiders of new ideas to take advantage of blockchain technology in social causes.
Economists from Europe and North America maintain confidence in the crypto world and large companies support small projects that can make a difference.
By María Rodríguez