ETC Labs pilot attracts over 120 applications
Ethereum Classic has announced that its investment branch Ethereum Classic (ETC) Labs will support over 24 startups every year and that it has already received over 120 applications.
Ethereum Classic Labs will provide a full range of support to any start-up projects in the incubator.In an interview, director of ETC Labs Elizabeth Kukko said they were already working with six startups this year in a pilot scheme with the full incubator launch coming at the start of 2019.
She said: “The goal of this pilot program is to put the incubator model to work and get feedback from these initial teams before going live.”
ETC Labs will provide a full range of support, including operating funds, technical guidance, office space, industrial resources, creative strategy consulting, professional business planning and even proposal training to any start-up projects in the incubator.
Supported by Digital Currency Group (DCG), Digital Finance Group (DFG) and Jack Lee, who’s the founding managing partner of HCM Capital at Foxconn, it has an initial capital injection of $50m.
Kukko said they chose Ethereum Classic because there is a lot of security on the main layer, and it doesn’t really matter what sidechains are used in conjunction to this. She added: “Also, the Ethereum Classic space is very competitive, with a lot of good ideas and startups with immense potential for growth.
“In the near future, we plan to support around 20 to 24 startups per year, and that’s mostly due to capacity and how many we can accommodate at any given time. We would probably look at supporting 10 to 12 startups at one time. Support will vary depending on each project’s needs.”
Ethereum Classic at the time of writing has a $999m market cap and is ranked 16th in the market according to the data on CoinMarketCap.