On 15th June, Ethereum Classic announced about the launch of their incubator programme which is launched by HCM, Digital Finance Group, and Digital Currency Group. The Ethereum Classic labs aim to provide both reliable investment and in-depth advice from industry specialists for growing startups on Ethereum Classic Blockchain.
The incubator will be hosted on Ethereum Classic network and will serve the purpose of funding projects that are considered to be vital for technological development.
It is considered that ETC is entering the next stage of its technical development by starting this project; they have acquired support from Jack Lee and Digital Finance Group, as well as by Digital Currency Group.
The calculated capital inflow for Ethereum Classic Labs brings the total of 50 million dollars and the incubator have gathered top teams with the purpose of creating a perfect environment for supporting and funding projects.
Their website mentions:
“Each year we will run three incubator programs and invest between $50,000 – $150,000 in startups, in exchange for 9% equity.”
Their Twitter post read about the registrations being open for this program. The incubator programs provide startups with funding, office space, training, workshops, networking, and other resources. This program provides a hands-on guide to go through a business process on potential application topics, which are on ETC Blockchain. Their commission is 9% equity shares of the startup.
The purpose of this incubator is not only mirrored in funding projects that can be considered as valuable but also stands as an environment that can bring the crypto community together into sharing experiencing, spreading and adopting new knowledge and creating together, that way contributing to the brighter future of blockchain-based technology.
Ethereum Classic currently has a market cap of $1,366 billion with the price at $13.36 and has seen a fall of -1.58% over the last 24 hours.