Blockchain “accelerator” projects, or incubators as they are more well known, seem to be all the rage lately, with key players in the industry getting involved with their own projects.
Just last month, Coinbase announced the creation of an early-stage venture fund which would help to promote and aid promising projects which Coinbase thinks would help the industry overall. In a move which was considered foolish by some, Coinbase noted that they would even consider investing in companies which would directly compete with themselves in attempts to help bolster industry strength.
As well, Binance has maintained their incubator, Binance Labs, for over half a year, which provides support for promising pre-ICO projects. One unique opportunity which the Binance incubator provides is the listing opportunity which they provide for projects which have gone through their system. Obtaining a listing on Binance is no small feat, with many cryptocurrencies listed experiencing millions of trade volume on a normal basis.
Coinbase and Binance are just two of the many companies who have gotten involved in blockchain incubator and research projects.
— ChinaMoneyNetwork (@chinamoneypod) May 2, 2018
A recent announcement states that Huobi, one of Asia’s largest exchanges, will be joining the fray with their own accelerator project.
The so-called “Huobi Labs” will be run in collaboration with a Chinese social media company, Tianya Community Network Technology. It is expected that the company will be starting this fund with around $1 billion USD in funding, hoping to impact many newcomers to the industry.
Although it is unclear whether this is just corporate talk or an official statement, the press release given by Huobi did mention how this was a project which Chinese president Xi Jinping has personally planned. This was shown in the following statement:
It is a national-level strategy that President Xi Jiping, personally planned, personally deployed, and personally promoted.