Binance, the major investment cryptocurrency exchange, has allotted $45,000 to 3 various Blockchain Projects. This statement was published in its blog on Friday.
What is Binance Labs?
Binance Labs is an initiative and infrastructure fund established by Binance. It empowers and encourages cryptocurrency and blockchain entrepreneurs, start-ups, projects. The mission of this Lab is to clear the problems of the ecosystem and make the world better.
According to the news, the Lab has granted $15,000 to every project for the first 3 open-source Fellowship start-ups.
The First Project
Ironbelly, the open-source mobile phone wallet, develops Grin blockchain. It helps the customers to keep and transfer Grin cryptocurrency among people.
The Second Start-up
This project got funding for a privacy-preserving electronic protocol called HOPR. This product intention is to give privacy by transferring messages via various relay clients to the receiver.
The Third Project
Binance Labs funded for Kitsune Wallet. This is an upgradeable version of on-chain wallet. It named “smart contract” supported account that will withhold crypto funds in a single address. The balances appearance can change as per clients needs.
All these projects, Kitsune Wallet Ironbelly, and HOPR are the first Fellows of the company Labs Fellowship programme.
The Binance Labs supports researchers and developers for creating free and open-source start-ups. This will enable new innovations and opportunities in the cryptocurrency economy.
The main aim of the exchange’s Labs is to support and encourage early-stage start-ups by passionate developers. They will create and build new products in the whole blockchain industry.
In the last month, the Argentina government also agreed to co-fund in the blockchain start-ups. These projects supported by Latin American cryptocurrency exchange LatamEx and the exchange Labs. Minister of Argentina govt. also accepted to fund in 10 blockchain start-ups each year up to four years with $50,000 match investment.
In December, the exchange’s Lab started Incubation Program to fund blockchain projects. It got 500 applications and picked out only eight projects and each one received $ 5000,000 as funding.
The Binance Labs not only funds to open-source blockchain projects but also gives direction and the resources form the Binance network.
