Jump Crypto Backs Chiliz $50 Million Incubator For Early Stages Projects

The incubator dubbed Chiliz Labs will support early-stage web3 sports and entertainment projects that build on the company’s layer 1 blockchain launched in February.Investment company Jump Crypto backs the $50 million incubator initiative, per an official announcement on Wednesday.The company’s new Ethereum Virtual Machine-compatible blockchain will expose builders and developers to crypto’s largest altcoin and DeFi network.  Blockchain-powered fan token company Chiliz unveiled plans for a $50 million incubator initiative to invest in early-stage web3 startups focused on sports and entertainment.