Bibox has announced the launch of its blockchain incubator project—BiboxLab. The project aims to provide full-spectrum support services to promising blockchain-based startups in the ever-expanding industry. BiboxLab joins an ecosystem of blockchain incubators looking to spearhead innovations in the emerging blockchain technology arena.
BiboxLab to Support Blockchain Startups
According to a BusinessWire press release, Aries Wang, a co-founder of the company, announced the launch during the 2018 edition of the Blockchain Without Borders Digital Expo in New York. Speaking on Thursday (August 30, 2018), Wang declared that BiboxLab would aggregate financial, technical, branding, and legal resources to enable entrepreneurs to develop their blockchain-based enterprises.
“We will also provide mentorships, roadshows and legal guidance to projects, to create the most abundant soil for the projects to blossom,” said Wang.
BiboxLab plans to follow a criteria-based approach to evaluating projects in an effort to make sure that the right startups get chosen. According to Wang, once a project has satisfied the criteria, it will be provided with every necessary assistance.
Most of the selection criteria revolve around innovative technology, short-term impact, revolutionary solutions to core issues in the mainstream sector, and openness to regulatory oversight. With these parameters in mind, the blockchain incubator plans to support projects across the globe, beginning with a particular focus on New York and North America before eventually expanding into Europe and Asia.
According to Wang, the principal motivation for establishing BiboxLab is the need to provide a robust framework for emerging blockchain companies to deploy their products and services successfully.
Suggested Reading : For more information about blockchain technology, take a look at our beginner’s guide.
The Blockchain Incubator Ecosystem
BiboxLab isn’t the only blockchain incubator in the industry, as both mainstream and cryptocurrency behemoths have set their sights on backing promising blockchain-based startups. Cryptocurrency exchange platforms Binance and Huobi, for example, have both launched similar incubator projects.
In the mainstream arena, many companies like Andreessen Horowitz are launching dedicated funds with a focus on providing financial stimuli to young blockchain enterprises.
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