Cryptocurrency exchange Bibox has started an incubator for blockchain projects, called Bibox Orbit, to boost the launch and development of high-quality decentralized projects.

In an announcement on its website (Apr 1), Bibox said that Orbit is aimed at providing the best nurturing environment for high potential blockchain projects, as well as assisting them with “ecological construction” and long-term development.

It does this by harnessing the valuable experience and quality resources that the Bibox team has picked up over the years. Bibox intends for Orbit to be “the strongest foundation” for new blockchain projects to meet the global market.

While the announcement did not make it immediately clear if Bibox Orbit has already been launched, it has begun accepting project applications and recommendations for projects to be supported. No details have been publicly given as whether any direct financial support will be included in Bibox Orbit.

Besides Bibox, Binance is another major crypto exchange with its own incubator program. Called Binance Labs, it provides direct investments and technical assistance for initial stage blockchain and digital asset projects, and its entrepreneurs.

It unveiled its first batch of supported projects in December last year, granting only 8 out of over 500 project applicants $500,000 each in seed funding, and access to resources. For its latest round announced in March, TheCryptoSight reported that the Argentinian government has decided to back Binance Labs by providing up to $50,000 to each chosen project.