BNB Chain announced a collaboration with Binance’s venture arm to launch an incubation alliance to support early Web3 projects.

On June 13, the blockchain network unveiled a new program created with Binance Labs to help emerging blockchain projects. BNB Chain said that its new BNB Incubation Alliance (BIA) would allow projects to enter the network’s 10-week accelerator for builders, founders and developers.

In addition, incubation alliance participants can also receive grants from BNB Chain and investment from Binance Labs. They can also access BNB Chain’s launch-as-a-service program, which includes $300,000 in free services covering various project aspects like security and infrastructure.

BNB Chain to choose participants through events

According to BNB Chain, BIA participants will be chosen through global events. The blockchain network said it would collaborate with venture capitalists, incubators and developer communities to host events worldwide.

Through these events, the blockchain network will identify projects to incubate. BNB Chain highlighted that the events will focus on “early-stage blockchain ventures in the incubation stage, pre or post-product launch.”

A panel and representatives from the organization’s partners and co-organizers will judge the program’s winners and present awards.

The BNB Chain Core Development Team said the alliance will equip emerging talent with the network, knowledge and tools they need to succeed. Meanwhile, Binance Labs head Yi He said the incubation alliance reaffirms the company’s commitment to supporting blockchain talent.

The first iteration of the BIA will be held at the Ethereum Community Conference event to be held in Brussels, Belgium.

Related: BNB Chain will enable native liquid staking on BSC

BNB price surges past $700

The introduction of the incubation alliance comes amid a recent price surge in BNB Chain’s native token, BNB (BNB). According to crypto tracker CoinGecko, BNB reached a new all-time high of $717.48 on June 6. However, the price experienced a correction, dropping to $601 on June 12. Currently, BNB price sits at $608.45.

BNB’s recent gains surpassed the performance of the broader crypto market. In the first six days of June, BNB accumulated a 19% gain, while the market only saw a 4.2% gain.

Despite this, traders questioned the sustainability of the rally and looked for indicators that might support the token’s bullish momentum.

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