- Binance teamed up with blockchain project Orbs to work on a new service for the DeFi sector.
- This new addition is DeFi.org — an upcoming DeFi accelerator that will support new projects.
- Projects must be innovative, safe, decentralized, and in possession of sustainable economics.
The world’s largest cryptocurrency exchange by trading volume, Binance, yesterday announced the launch of a new DeFi accelerator in partnership with an Israeli blockchain firm, Orbs. The new project represents Binance’s newest way of securing its position in the decentralized finance ecosystem, after its CEO recently stated that decentralization is the future.
Binance and Orbs to Launch DeFi.org
Orbs is a blockchain firm that is creating a public blockchain infrastructure project, and together with Binance, it created a new accelerator for the DeFi project. Known as DeFi.org, the accelerator’s purpose is to support the research and development of DeFi projects. That includes community development, as well as open-source software.
The accelerator will work similarly to most other accelerators that were created for the crypto industry in the past. Basically, it will search for projects, evaluate them, and provide support for those that it deems innovative and strong enough.
In doing so, it will give them a better chance to succeed in the highly-competitive DeFi space, and an even more competitive broader crypto industry. Apart from innovativeness and composability, it will also seek projects with principles of community ownership, fair distribution, a good approach to risk management, and sustainable economics.
Basically, it needs to be able to attract people, solve a problem, be decentralized, as well as self-sustainable, and above all — safe.
What’s in it for the Projects?
Once a project gets chosen, it will receive mentorship, sponsorship, and a chance to join Binance’s program of Bridging DeFi and CeFi. Alternatively, they can go for the Orbs Grant Program. One great thing about this opportunity is that it also allows anonymous developers to participate.
Binance’s desire to get into DeFi is well-known, but when it comes to Orbs, the project plans an upcoming transition to DeFi, as well. Tal Kol, one of Orbs’ co-founders and the accelerator’s mentors, even led efforts to research and develop DeFi protocols in-house. But, while developing DeFi projects outside of Ethereum has seen a strong competition, DeFi mostly seems to stick to ETH.