Binance Labs, the deal-making wing of the crypto exchange Binance announced on 12 April about its grant of 15,000 U.S. dollars to each of its first three Fellowship projects.
Binance Labs commenced by introducing the open-source blockchain development projects. Ironbelly is a mobile wallet for the Grin blockchain; HOPR is a privacy-preserving messaging protocol. Finally, Kitsune Wallet is an upgradeable on-chain wallet. These projects would join the Binance Labs Fellowship as the first ‘Fellows’.
Teck Chia, Partner at Binance Labs cited –
“The Binance Labs Fellowship supports developers and researchers in creating free and open-source projects, enabling new innovations and businesses in the cryptocurrency economy. Through the Fellowship, we want to support early-stage projects by passionate developers who want to create the key building blocks for the entire blockchain industry. On behalf of the Binance community, we would like to thank these projects for their contribution to the blockchain ecosystem.”
Binance Labs expressed that the Fellowship was an initiative to support and fund open-source development projects. Such products contribute and add infrastructure value to the global blockchain ecosystem. Developers or researchers could avail guidance and resources from the Binance Labs network.
Flora Sun, Director at Binance Labs added on how innovation was dependent on an engaged community of developers and entrepreneurs. Such personnel envision ideas and create new projects for launch in the market. Flora continued by stating that the more talent an industry attracts towards innovation, the higher the chance that it would be successful.
Last week, Binance conveyed through a tweet about its upcoming offer to launch a fiat-to-cryptocurrency exchange in Singapore. Binance conveyed that it would start trading operations in the new exchange later in the month. The decision by Binance was not sudden since the exchange had announced receiving funds to expand into Asia.
Binance Labs sustained by conveying that the three fellowship projects were accepting contributions through Gitcoin Grants, a platform for recurring payments in open source. Open source developers and blockchain researchers were encouraged to apply for the fellowship. Binance Labs emphasized its commitment to scale technology by supporting early-stage blockchain projects, entrepreneurs and open-source developers.
Binance Labs concluded by throwing light on its key industry engagements. Binance Labs is an infrastructure fund and an initiative launched by Binance. The mission is to incubate, invest in, and empower blockchain/cryptocurrency entrepreneurs or projects. Binance Labs endeavours to solve problems that are critical to the ecosystem while changing the world for better.