The leading company in the arena of digital currency trading Bibox is ready to launch an incubator for its blockchain ventures. They have named the project as Bibox Orbit. The announcement about the launch was made through a post on the 30th of March.
The Estonian firm holds ninth position in the crypto exchange industry. The company has not yet confirmed about the launch date of the incubator. They have only said it would provide an environment to flourish for the blockchain based projects.
On this occasion, Bibox has said its existing user that they are launching Bibox Orbit to encourage the development of high-quality decentralized projects. Through this incubator program, the company will give a healthy growth environment to high potential blockchain project.
However, Bibox is not the pioneer to launch incubator; many other top crypto exchanges are also working towards the same goal. Another exchange Binance had launched their incubator last year and had named the project as Binance labs. Through this, the company is providing financial and technical help to aspiring blockchain companies.
For its incubator program Binance received about 500 applications out of that they chose only eight. These eight blockchain projects will be receiving an amount of $500,000 through seed funding. They will also help companies with essential resources and mentors.
Another company, IOTA foundation also announced about their incubator program in February this year. The company has partnered with another startup firm Nova and is focused on providing funds to new startups.
The blockchain industry is developing each year exponentially. In 2018 alone it saw the investment of $5 billion which was more than the former year. The nascent technology is finding its adoption both in the government and private sectors. Many industries including agriculture, banking, foreign exchange and many more have already adopted this technology.
The progress of blockchain in smaller companies has forced its adoption in big companies. Companies like IBM, JP Morgan, HSBC, Facebook and many more business giants. They have adopted the blockchain technology to create innovative solutions. With the entry of significant companies, the funds essential for the research and advancement have also started to come.