Israeli Startup Libracamp Is The First Incubator Behind Facebook’s Libra

Israeli startup better known under the name Libracamp is actually the first incubator or the company behind the funding development of Libra’s testnet on the contrary of popular opinion that this was actually Facebook itself as we can read in the latest cryptocurrency news below.

There were more than 80 projects that have applied for the five spots in Libracap’s initial virtual Bootcamp and even though that the social media giant admitted that there is some regulatory pushback that could prevent Libra from launching, Libracamp still remains undaunted. The Israeli startup and its founders are in the middle of fundraising for a $1 million prize for the winning team as well as capital for the second cohort in 2020. The entrepreneurs from Israel are looking to leverage the Facebook cryptocurrency project for profits even without the required $10 million that is needed to join the Libra association. So far, the Israeli startup Libracamp has received about 80 applications to participate in a virtual Bootcamp and the co-founder Tomas Weiss even stated that the Facebook Claibra team is in touch with the new startup but they are not sponsoring the program:

 “We see this as the ‘iOS moment’ of digital assets and programmable money applications. Imagine there was an incubator that came to companies and helped them think about how to put their companies on iOS before the iPhone launched.”

The five co-founders of the Israeli startup managed to gather together more than $125,000 and divide it among five chosen teams for the first Bootcamp in the fall. The founders are still in the middle of fundraising for the winning team as well as the capital for a second cohort of the Bootcamp. The co-founder Yonatan Ben Simon described the new startup as an ‘’investment curation system’’ combining an incubator approach with hedge-fund like capital pools. The upcoming Libracamp platform will connect the developers from the crypto project with mentors and investors which will offer a stronger accelerator program.

As the reports show in the coming altcoin new, the world’s fintech projects could profit the most without the need having to go to the Silicon Valley investors since there already have the Kyber Network as one of the startups that received a small grant from Libracamp before the Bootcamp.