Binance gave $500,000 to 8 blockchain startups in August, and today they have to show how they spent it...

It began with huge competition that had over 500 startups in the blockchain and cryptocurrency space apply for a spot to have Binance's research arm "Binance Labs" back their company with a seed investment of $500,000 back in August of this year.

Only 8 were selected - and Binance didn't even share who they were.

Now after months of mystery, today is "BUIDLers day" named after play on HODL, but for building.

"Today, we celebrate the launch of our first batch of BUIDLers — eight sharp, inquisitive teams who are building for the future of our industry." Binance labs said in a tweet.

Later today, the projects take the stage at their "Binance BUIDLers" event, demo their products in front of an audience, and show how they spent their $500k. We'll bring you updates from the event when it happens!

Binance Labs is expanding this program in 2019 including a 5 nation world wide search for hot new projects.

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Author: Adam Lee 
Asia News Desk