Status, the open source, Ethereum-based mobile operating system, has announced the launch of Status Incubate, providing early-stage blockchain-based startups with funding, talent, and expertise to reinvent the Web.
With the future of the decentralised Web so open, Status Projects was created to evolve the larger decentralised ecosystem. Status Incubate is the first in a series of initiatives for Status Projects, which are dedicated to laying the groundwork and advancing the mass adoption of the Web3 ecosystem.
Currently in development – following a SNT token sale which raised over $100 million in less than 24 hours – Status Incubate will help to foster an extensive environment for the decentralised Web from a range of areas. It will select a handful of startups each quarter including Ethereum-based projects, DApps, IoT, base-layer protocols, and scaling solutions, to name a few.
Other services that the initiative will deliver include legal and regulatory support, technical mentorship, marketing and PR, organisation guidance, and research facilities. According to the Status website it will be opening incubators in multiple cities around the world and welcomes both local and decentralised teams. It adds that there is no need to be located on-site in order to take part in the program.
“Status Incubate is focused on accelerating the development of the Web3 ecosystem,” said Ben Morris, Head of Status Incubate. “The initiative has been designed to provide the necessary guidance and support to help make the most compelling projects successful.”
Applications will be accepted on a rolling basis, with no deadline. Each application will be reviewed by the Status Incubate team to select the strongest projects for follow up interviews.
In February, it was reported by Bitcoindicate that Status had invested $5 million into Matrix, a peer-to-peer messaging platform used by millions of active users around the world. In an interview with the online publication, Carl Bennetts, co-founder of Status, emphasised the similarities between Status and Matrix explaining that the two were aiming to evolve into major decentralised communication platforms.