Four African blockchain startups have graduated from the incubation programme run by global cryptocurrency exchange Binance, receiving US$120,000 each in seed funding and help with bootstrapping and achieving product-market fit.
Binance Labs, the venture arm of Binance, accepted 13 startups from around the world for the second edition of the Binance Labs Incubation Programme, which launched last year and invests US$120,000 in entrepreneurs and help them deliver products with clear product-market fit that provide sustainable growth for the global blockchain ecosystem.
The programme began in March and concluded last week with BUIDLers Day, an invite-only pitch event. Four of the participants were African, namely Ghanaian crypto-based donations platform Bit Sika, South African anti-phishing solutions developer PhishFort, Kenyan private securities platform Raise, and Nigerian payments startup Xend.
“For the Binance Labs Incubation Programme, we search all over the world for the strongest founders and projects to invest in,” said Ella Zhang, head of Binance Labs. “We are proud to have found 13 gems in season two, and to have spent the past 10 weeks working with the BUIDLers to launch their demos and gained early traction.”