An Israeli Blockchain startup and Binance have partnered to launch a new venture aimed at supporting new projects in the DeFi space.
What is Binance aiming with the DeFi accelerator?
Leading cryptocurrency exchange Binance has partnered with an Israeli blockchain company called Orbs to become the first core sponsors of a DeFi-related program. Called the DeFiOrg accelerator, this program aims to increase research, development and community engagement in decentralized finance.
The Malta-based digital asset exchange announced its latest initiative in the press release released today. He described the accelerator as a program “dedicated to supporting research, open source software development, and community engagement.”
The idea behind the accelerator is to explore and assist in a variety of projects built on the principles of fair distribution, community ownership, innovation, responsible risk approach, sustainable economy and interoperability with the wider ecosystem.
What is offered?
The partnership between Binance and Israel-based blockchain infrastructure developer Orbs aims to provide various benefits for future participants. These include a designated mentoring from industry experts, funding opportunities and market interaction.
DeFi.org mentors will focus on areas such as Product / UX development, crypto economy, robustness, front-end development, and community and marketing. All mentoring programs and collaborations will be done remotely via online chat, video chat, or pulling requests on GitHub.
Binance also plans to provide an extra incentive for future contributors. After gaining approval and becoming part of the accelerator, the crypto exchange promised a “special consideration” if Binance applied for a place in the startup fund for Bridging DeFi and CeFi. Additionally, Orbs said they will have the opportunity to receive grants under the company’s Grants Program.
The accelerator’s website explains how participants who want to take advantage of the initiative can move forward. Information is shared that the team behind the accelerator will review all applications, including anonymous ones.
If the projects meet all the requirements described above and get approval, they will be able to develop the whole idea from scratch with the help of the accelerator. Moreover, the application will be entirely in the hands of the customer.