According to ChainCatcher, ARC, an NFT closed community with more than 850 members, announced today that it will launch a crypto incubator. According to Decrypt, Singapore-based ARC positions itself as the "Y Combinator of the Web3 world." Y Combinator is a long-term startup accelerator based in San Francisco that provides funding, guidance and resources to early-stage companies.

ARC said the new capital will be used to enhance ARC’s ecosystem, provide dedicated support for new Web3 projects, establish strategic partnerships to accelerate concept development and testing, and streamline the process from concept to market launch.

The incubator’s startup funding comes from a recent $4.5 million round of financing raised by its 163 members, led by venture capital firm Arcane Group, with participation from Adrian Lai (The Newman Group), Arthur Cheong (Defiance Capital), Cecilia Lee, Germaine Jiang (Mask Network) and Chris Sirise (LiquidX Studio).