The leading cryptocurrency exchange Binance has teamed up with an Israeli blockchain company called Orbs to be the first core sponsors of a DeFi-related program. Dubbed DeFiOrg accelerator, it aims to enhance the research, development, and community engagement in the decentralized finance field.
The Malta-based digital asset exchange announced its most recent endeavor in a press release shared with CryptoPotato. It described the accelerator as a program “dedicated to supporting research, development of open-source software, and community engagement.”
The idea behind the accelerator is to explore and assist various projects that are built on the principles of fair distribution, community ownership, innovation, responsible risk approach, sustainable economics, and interoperability with the broader ecosystem.
The partnership between Binance and Orbs, the Israel-based developer of blockchain infrastructure, aims to provide several benefits for future participants. Those include a designated mentorship from industry experts, funding opportunities, and market exposure.
The DeFi.org mentors will focus on areas such as Product/UX development, crypto-economics, solidity, front-end development, and community and marketing. All mentorship programs and collaborations are done remotely, via online chat, video chat, or pull requests on GitHub.
Binance also plans to provide an extra incentive for future participants. Upon receiving approval and becoming a part of the accelerator, the cryptocurrency exchange promised a “special consideration” if they apply to take part in Binance’s seed fund for Bridging DeFi and CeFi. Additionally, Orbs said that they will have the chance to receive a grant under the company’s Grant Program.
The accelerator’s website explains how participants who want to take advantage of the initiative can proceed. It reads that the team behind the accelerator will review all applications – even anonymous ones.
If the projects fulfill all described above requirements and receive approval, they will be able to develop the entire idea from scratch with the accelerator’s assistance. Furthermore, it promises that “your project is yours,” and the execution will be entirely in the customer’s hands.