Bluehill, a startup incubator for global blockchain projects, launched on Thursday after raising $50 million to support the IOST blockchain ecosystem.

The firm said in a release that it is now taking in applications from startups on a rolling basis and on average invests $500,000 into a project with “both seed investments of $100,000 and follow-on investments in the low millions.”

Notably, the startup claims it will work with Binance Labs and Huobi Capital when investing in companies.

Though its fund will be used to back startups – including their finance, marketing, and recruitment needs – that are built on the IOST ecosystem, Bluehill told CoinDesk in an email that it is “open to all projects irrespective of whether they’re presently building on IOST.”

“Our focus is on backing the best teams early and aligning our interests with theirs right from the start so that we can build trust and familiarity with the most enduring companies,” the firm said.

According to the announcement, Bluehill has already invested in seven decentralized application projects. Among them, six are built on the IOST blockchain while the other one is developing its own blockchain protocol.

Launched in 2017, the IOST protocol seeks to provide a scalable blockchain network for the Internet of Services.

The project has received support from notable investors in China, including Sequoia China, ZhenFund, Huobi, crypto wallet provider Bixin and INBlockchain, the capital firm founded by Chinese crypto tycoon Li Xiaolai.

Bluehill said it now has around 50 staff with offices in Beijing, Seoul, Singapore , Berlin, and San Francisco and aims to expand to over 100 employees by the end of this year.