Binance has unveiled more details about its Binance Labs Incubation Program, which was introduced in June, according to reports. Through the program, approximately eight to 10 companies work over a stretch of 10 weeks. In terms of frequency, Binance Labs CEO Ella Zhang said the idea is to host one program each quarter.
Beyond the program’s timeline, news also surfaced that the program will offer $500,000 to each participant in the program for a 10 percent stake of a company. Even so, Binance hasn’t reportedly decided how those funds would be paid out — it could potentially be cryptocurrency, fiat currency or a combination of the two.
In other news, China is seeking to clamp down on overseas cryptocurrency exchanges, the South China Morning Post reported. As part of its efforts to limit digital money activities, the country is looking to block more than 120 foreign digital currency exchanges.
In addition, the government plans to uphold its efforts to shut down and monitor websites within China that have to do with initial coin offerings (ICOs) and crypto trading. At the same time, the country plans to continue to prevent payment services from using digital currencies.
Indiegogo is kicking off the company’s first-ever security token sale, but there are some catches: People must be accredited investors to purchase the tokens and there aren’t tangible perks to those who invest, The Next Web reported. Even so, investors will be able to use “Aspen Digital tokens” to get tokenized share of a luxury hotel — the St Regis Aspen Resort.
“We have always strived to foster innovation, and provide our users access to some of the most novel and interesting products and ideas from around the world,” said Indiegogo Founder Slava Rubin in a press release. “With the blockchain revolution fully underway, we at Indiegogo are excited about the world-changing impact and potential of security tokens.”
In other news, Bithumb has raked in profits of 39.34 billion won — or approximately $35 million — over the first half of 2018, CoinDesk reported. However, according to reports, the exchange made $380 million in net profits for last year. That said, the exchange experienced a data breach this summer, through which $31 million worth of digital currency was stolen. However, the exchange later claimed to have found $14 million of the coins.
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