Bluehill, a blockchain incubator and accelerator, officially launched today to support partnership projects, DApp development and blockchain technology innovations within the IOST ecosystem, CoinDesk reports.
This is after they successfully raised $50 million in funding. The money will be used to offer crucial backing for IOST industry partnerships, as well as for projects built within the IOST ecosystem.
Bluehill was established to support the growing interest from developers and entrepreneurs in the IOST blockchain. The backing of a well-funded incubator or accelerator will position the IOST network to compete for developer attention with top tier blockchain platforms like Ethereum.
The company announced the beginning of accepting applications from start-ups on a long-term basis and intends to allocate an average of $ 500,000 per project, including “both seed investments of $100,000 and follow-on investments in the low millions.”
It is noteworthy that the startup promises to make investments together with Binance Labs and Huobi Capital.
The fund will be used to meet the firm’s finance, marketing, and recruitment needs as well as finance startups that are developed on the IOST ecosystem. However, in an email to CoinDesk, Bluehill elaborated that it will support projects that are also built in other ecosystems. He explained:
We are open to all projects irrespective of whether they’re presently building on IOST. Our focus is on backing the best teams early and aligning our interests with theirs right from the start so that we can build trust and familiarity with the most enduring companies.
Already Working With 7 Projects
According to the announcement, Bluehill has already sponsored 7 projects that develop decentralized applications. Of these, 6 are developing on the IOST detachment, and the seventh creates a separate blockchain. They include Certik, ContentBox, Origo, Rate3, Lambda, Covalent and Plair.
The incubator has received support from influential investors in China that comprise Sequoia China, ZhenFund, Huobi, crypto wallet provider Bixin and INBlockchain.
Bluehill has already established a team of over 50 full time staff, with plans to reach 100 employees by the end of the year. They have offices in China, Korea, Singapore and are currently finalizing a space in the United States and Germany, as well as having plans to launch more offices globally in the near future.
The startup says it will work closely to support teams both developing on and improving the IOST network by providing services, including funding, operations, marketing, HR, recruitment, advisorship and industry partners.
With its aggressive global expansion plan, Bluehill appears set to leave its mark on the blockchain ecosystem.
If you are a developer or entrepreneur and are interested in contributing to the IOST network via core blockchain innovation, DApp development, or other initiatives, please head to Bluehill to find out how they can support you.
What’s your take of Bluehill’s incubation ambitions? Share with us in the comments section.