Binance CEO Richard Teng on Wednesday said the crypto exchange has partnered with global startup ecosystem Ignyte.
This comes as the crypto exchange leads the latest wave of crypto adoption in cooperation with governments and institutions, while building and providing through BNB Chain.
The latest partnership will further bolster and solve challenges faced by the Web3 community across the UAE.
The exchange aims to provide startups with education, mentorship from industry leaders, and practical tools to foster innovation and growth.
The world’s largest crypto exchange Binance, in an official announcement on October 1, revealed that it became the first exchange to partner with Ignyte, a DIFC-backed global startup ecosystem under the UAE’s Digital Economy Strategy.
CEO Richard Teng took to the X platform to reach out to the wider crypto community about the latest Web3 push in the UAE.
He asserted that “Web3 isn’t about replacing Web2” but is more focused on giving users back control of their data, identity, and economic participation.
The collaboration will help startups gain access to Binance’s developer tools, Binance Academy learning modules, and expert mentorship.
This could boost Web3 innovation, investments, and entrepreneurship, giving the community knowledge and infrastructure.
Planned Collaboration Areas with Binance‑Ignyte Partnership
The partnership will launch a flagship Binance hackathon, with a $25,000 prize pool. It will encourage projects and developers to develop new blockchain solutions, with finalists pitching to leading investors and policymakers.
The developer APIs and on‑chain integration tools will bring more use cases on BNB Chain, currently leading in tokenization adoption.
As the Coin Republic reported earlier, BNB Chain partnered with Ondo Finance to list tokenized U.S. stocks, ETFs, and funds on‑chain.
Last month, Binance partnered with Franklin Templeton to develop digital asset products bridging traditional and decentralized finance. Franklin Templeton expanded its Benji tokenization platform to BNB Chain.
Specialized learning modules, technical workshops, training programs, and mentorship help entrepreneurs and teams to solve challenges in Web3 growth and development.
BNB Price Rises Amid Partnerships
BNB price has gained massively amid recent partnerships globally, especially in the UAE and Kazakhstan.
The crypto exchange received a $2 billion investment by Abu Dhabi‑based investment group MGX in March.
BNB has rallied over 20 % in a month and almost 80 % in a year, with the price trading at $1,024.75 at the time of writing. The 24‑hour low and high are $994.48 and $1,034.83, respectively.
CoinGlass data showed the total BNB futures open interest has doubled amid the latest tokenization and Web3 boost.
In just 4 months, it has increased to $1.9 billion from $811 million in June this year. In the last 24 hours, the total BNB futures open interest has dropped 4 % to $1.81 billion.
However, founder Changpeng “CZ” Zhao’s increasing involvement in the Binance ecosystem has turned sentiment bullish among investors.