Hong Kong-based bitcoin exchange Gatecoin has joined a startup accelerator backed by Standard Chartered and Chinese Web services giant Baidu.
The SuperCharger Accelerator draws support from a number of regional and global firms, including Microsoft, the Hong Kong Stock Exchange, Ernst & Young and Fidelity. The program was cofounded by the TusPark Global Network, a co-working space operator.
The program, which opened for applications in the fall, began on 11th January and will run over three months, concluding with a demonstration day in April.
Gatecoin is receiving a $25,000 investment in exchange for a 5% stake in the startup, co-founder and CEO Aurélien Menant told CoinDesk. The company will also work with advisors to the program, which are drawn from those sponsoring the initiative as well as firms like Barclays and PayPal.
Menant said that during its time with the accelerator, the company will work on at least one proof-of-concept alongside the operation of its bitcoin exchange.
He told CoinDesk:
Some members of Gatecoin’s staff will relocate to the SuperCharger Accelerator offices in Hong Kong, while its engineering team will remain at its offices in the city.
Hong Kong image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.