New incubation alliance formed by BNB Chain to assist early projects

BNB Chain has teamed up with Binance’s investment division to introduce a new initiative aimed at supporting early Web3 projects.
The blockchain network revealed on June 13 that it has partnered with Binance Labs to establish the BNB Incubation Alliance (BIA) to assist emerging blockchain ventures. The BIA program offers a 10-week accelerator for builders, founders, and developers to help them grow their projects.
Participants in the incubation alliance will have the opportunity to receive grants from BNB Chain and investments from Binance Labs. They will also gain access to BNB Chain’s launch-as-a-service program, which provides $300,000 worth of free services covering various project needs such as security and infrastructure.
BNB Chain will select participants through a series of global events in collaboration with venture capitalists, incubators, and developer communities. These events will focus on identifying early-stage blockchain ventures in the incubation stage, pre or post-product launch.
A panel of judges from the organization’s partners and co-organizers will evaluate the projects presented at these events and award winners accordingly.
The BNB Chain Core Development Team expressed that the alliance aims to equip emerging talent with the necessary network, knowledge, and tools for success. Binance Labs head Yi He emphasized that the incubation alliance underscores the company’s dedication to nurturing blockchain talent.
The inaugural BIA event will take place at the Ethereum Community Conference in Brussels, Belgium.
The announcement of the incubation alliance coincides with a recent surge in the price of BNB. According to CoinGecko, BNB hit a new all-time high of $717.48 on June 6 before experiencing a slight drop to $601 on June 12. As of now, BNB is trading at $608.45.
BNB’s recent price gains have outperformed the broader crypto market, with a 19% increase in the first six days of June compared to a 4.2% gain in the overall market.
Despite the positive momentum, some traders have raised concerns about the sustainability of the price rally and are looking for indicators to support BNB’s bullish trend.