Updates: The earlier version of this article’s headline wrongly mentioned the amount of the funding as US$10 million. We apologise for the inconvenience.

Cryptocurrency marketplace NuMoney Indonesia introduces its incubator program that seeks to facilitate local tech startups called NuMoney Initial Coin Offering (ICO) Incubator. Together with Venture Capital, NuMoney will work alongside the startups in their development.

The registration for 30 startups has been opened for next year’s funding round worth up to US$1 million.

In the incubator program, the startups will join startup classes, go through five weeks long-mentoring, monitoring, evaluation, screening and interview phase, as well as networking to be selected into 2019’s funding round during NuMoney ICO Incubator official launch.

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The startups then will be subjects to two types of funding; seed funding by NuMoney or ICO funding assisted by NuMoney.

NuMoney claimed that the incubator is the first ICO incubator in the country.

“We took it upon us to support startups with potentials to grow and get funding from investors seeing how blockchain can be a big help for these hopefuls. We will help the selected startups to apply blockchain technology in their startups,” said Andika Sutoro Putra, CEO NuMoney Indonesia.

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The startups who join the incubator program will have a class with Ryan Prasetio who is the COO of NuMoney Indonesia about the basics of tokenomics. Another class is by Gunawan Aldy, CMO of NuMoney Indonesia about Initial Coin Offering marketing.

NuMoney’s track record includes US$4 million fundraise through Initial Coin Offering, NuMoney Coin (NMX). The company that was founded in 2017 operates in Singapore, Malaysia, and Indonesia.

Image Credit: NuMoney