Binance, the world's leading cryptocurrency exchange, has partnered with an Israeli blockchain company called Orbs to be the first major sponsors of a DeFi-related program. Dubbed the DeFiOrg Accelerator, it aims to improve research, development, and community engagement in the field of decentralized finance.
The Malta-based digital asset exchange announced its latest effort in a press release shared with Crypto report. He described the accelerator as a program "dedicated to supporting research, open source software development, and community engagement."
The idea behind the accelerator is to explore and help various projects that are based on the principles of fair sharing, community ownership, innovation, responsible risk approach, sustainable economy and interoperability with the wider ecosystem.
The partnership between Binance and Orbs, the Israel-based blockchain infrastructure developer, aims to provide various benefits for future participants. These include mentoring appointed by industry experts, financing opportunities, and market exposure.
DeFi.org mentors will focus on areas such as product / UX development, cryptoeconomics, robustness, front-end development, and community and marketing. All tutoring programs and collaborations are done remotely, through online chat, video chat, or pull requests on GitHub.
Binance also plans to provide an additional incentive for future participants. Upon receiving approval and becoming part of the accelerator, the cryptocurrency exchange promised “special consideration” if you apply to participate in Binance's seed fund for Bridging DeFi and CeFi. Additionally, Orbs said they will have the opportunity to receive a grant under the company's Grant Program.
How does it work?
The accelerator's website explains how participants who want to take advantage of the initiative can proceed. It reads that the team behind the throttle will review all applications, even anonymous ones.
If the projects meet all the requirements described above and are approved, they will be able to develop the complete idea from scratch with the help of the accelerator. In addition, it promises that "your project is yours" and the execution will be entirely in the hands of the client.