Crypto SA was granted the funding as part of the Incubator Support program, which provides business incubators with grants of up to A$500,000 to assist Australian startups in gaining the capabilities required to succeed in international markets.
Scheduled to open in September, Crypto SA Lab will select ten startups to provide them with mentorship, free co-working space, training and business advice. Select startups will also have access to white-label providers, developers, startup entrepreneurs and a network of experts, said Crypto SA co-founder Yawn Rong. Several startups have already applied to the incubation program and Crypto SA is currently in the vetting process.
Designed to help nurture a thriving blockchain community in Adelaide, the Crypto SA Lab program will be the first of its kind in Australia and will help make the South Australian capital a blockchain city, Rong said.
“There are co-working spaces for blockchain in Melbourne and Sydney but there are no acceleration programs there,” he said, quoted by the Lead South Australia.
Because of the lack of developers in Adelaide, the city has struggled against Melbourne or Sydney as a blockchain hub, Rond said, adding that the company saw there an opportunity to attract talent and develop the local blockchain community.
“We saw this incubator opportunity and said if we can utilize all these government resources, and get all these big businesses to set up in an original office in Adelaide,” Rong said.
The program will culminate with a trip to Singapore or China where the startups will present their work at a “Shark Tank-style industry showcase” in the hope of getting funding.
“The incubator will polish up their deck, or their minimal viable product, or proof of concept for this event,” Rong said. “We hope to attract venture capitalists.”
Crypto SA is a blockchain advisory and investment organization operating across the Asian Pacific (APAC) region. It specializes in early stage participation in upcoming blockchain projects and provides services such as legal and financial compliance, smart contract support, exchange listing, market making and ecosystem development.
In March, Adelaide hosted the ADC Global Blockchain Summit, the first international blockchain summit in Australia. At the event, crypto exchange startup Binance announced its entry in the Australian market with CFO Wei Zhou stating that “Australia has been at the forefront of blockchain innovation.”