500 Startups, the Silicon Valley startup accelerator, announced today that it is partnering with cryptocurrency exchange Huobi's incubator wing, Huobi Lab.
The two companies will support startups in various areas, including developing business plans, focusing on elements such as white papers, marketing strategies, community engagement and fundraising efforts, the accelerator said in a press release.
Huobi Lab will bring to the partnership its industry contacts, which are expected to help 500 Startups expanded its blockchain "track" - groups of startups that receive industry-focused assistance. The startups chosen to work with the two firms will be part of 500 Startups' "Batch 23."
Edith Yeung, a partner at 500 Startups, said that, in partnering with Huobi Lab, "Our teams will learn so much especially around the ins and outs of how a digital exchange works."
Huobi Lab founder Junfei Ren said the firm would work with 500 Startups and Batch 23 companies to "help and support all of the new projects as best we can."
Last year, CoinDesk reported that 500 Startups, although an early investor in some bitcoin projects, had not been investing in initial coin offerings (ICO)s or blockchain projects. At the time, one of the company's fintech advisors, Mike Sigal, noted the potential risk, both financially and legally, involved when investing in these projects.
Despite its original Chinese yuan-denominated exchange being shut down, Huobi sees a daily trading volume in excess of $1 billion, with customers in more than 130 countries, according to the press release. Huobi Lab was first launched in 2017 to assist startups.
Silicon Valley map via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at firstname.lastname@example.org.
Huobi500 StartupsBlockchainIncubatorsHuobi Lab
A16z Leads Investors in $20 Million Token Presale for Crypto Assets Platform
Asset tokenization platform TrustToken just raised $20 million in a strategic token sale with the help of major venture corporations, including Andreessen Horowitz (a16z).
The startup announced Mon
John McAfee Won't Promote ICOs Anymore Because of 'SEC Threats'
John McAfee, the cybersecurity tycoon-turned-cryptocurrency promoter said Tuesday that he will end his work on initial coin offerings (ICOs).
In a tweet, McAfee cited "SEC threats" when revealing t
Crypto Startup Circle Reveals How It Chooses New Token Listings
Blockchain startup Circle has released new details about how it will select cryptocurrencies for its trading and investment platforms.
On Tuesday, the firm published its Asset Framework, providing
IBM, Mediaocean Partner to Tackle Ad Industry Opacity with Blockchain
IBM iX – Big Blue's digital strategy arm – and ad software provider Mediaocean are teaming up to form a blockchain consortium aimed to solve some of the biggest issues in the advertising world.
Crypto Trading Without License Is 'Illegal,' Cambodian Regulators Say
Authorities in Cambodia have announced that domestic investors are now required to obtain a license in order to purchase, sell or trade cryptocurrencies – activities that would be otherwise regarded a
Internet Cafes Hacked to Mine $800k in Siacoin Cryptocurrency
A group of hackers has allegedly colluded with computer maintenance firms in China to hack into computers owned by internet cafes to mine cryptocurrency.
According to a local news report on Saturda
$7k? Bitcoin Price Looks North After Six-Day High
Despite the bearish chart setup, bitcoin (BTC) rose to a six-day high on Monday, putting a corrective rally to $7,000 back on the map.
The leading cryptocurrency unexpectedly picked up a bid around
Former Indian Lawmaker Declared 'Offender' in Bitcoin Extortion Case
A former Indian legislator who was allegedly involved in a $1.3 million bitcoin extortion case has been declared a "proclaimed offender" by a local court.
According to The Indian Express, a session