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Wanchain Announces First Cohort of Incubating Blockchain Companies

Texas-based Wanchain, a blockchain-powered platform for global financial services, announced this week, at the World Blockchain Forum in Dubai, the founding classes of its tech incubator WANLab.

WANLab is similar to a traditional tech incubator in that it provides members with resources and support, but the company states that it is focused on the unique needs of blockchain companies – grooming the next generation of quality blockchain startups.

According to Wanchain, six companies are at varying phases in the WINLab program. Three of them will focus on revolutionizing the financial services industry. Specifically, the firm Avacus aims to provide automated financial services; Freedium is working on a stablecoin for financial inclusion, and CryptoCurve is behind the development of a browser for blockchain.

The other three projects are from China and are established companies with millions of current users, Wanchain stated. They are looking to use blockchain to transform their business and industry. UTour is using Wanchain financial tools to rebuild travel, GameBank is using the platform to revolutionize gaming, and AllSpark is using it to innovate in the media industry.

“By supporting and mentoring the startups behind vetted blockchain applications, Wanchain is seeding quality products into the burgeoning blockchain ecosystem,” said Wanchain President Dustin Byington, in a statement. “As the race to build the world’s blockchain infrastructure heats up, Wanchain is committed to building a global community of innovators dedicated to rebuilding finance and beyond.”

Wanchain has also provided information about its new project, industry-specific blockchains termed INDUSTRYChain. These will connect to the Wanchain main-chain using the platform’s cross-chain technology. Initial INDUSTRYChains to be supported by WANLab include the travel, gaming, and media industries, Wanchain stated, adding that it will provide further details about these projects, as well as its new INDUSTRYChain infrastructure, later this year.

Ken Silva
Ken Silva is a journalist who covers the financial services industry in the Cayman Islands and the British Virgin Islands.
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