Top cryptocurrency exchange platform, Binance, recently announced that it will be awarding three blockchain startups a grant of $15,000 each. The award was facilitated via the firm’s venture arm known as Binance Labs.
Binance awards $15,000 Each to Three Blockchain Project
The announcement was made on the company’s official blog on the 12th of April, 2019. The start-ups that got the grant were involved in developing open-source blockchain technologies. The post also stated the first three start-ups that will receive the grants as Ironbelly – a mobile wallet for the Grin blockchain, HOPR – a privacy-preserving messaging protocol, and Kitsune wallet – an upgradeable on-chain wallet.
These three startups are the first beneficiaries of the Binance Labs Fellowship program. The program according to the blog post on Friday, funds and gives support to open source development projects in their early stages.
Flora Sun, Binance Labs director points out that for innovation to take place there needs to be a coming together of entrepreneurs and developers to help imagine and create new projects or introduce new products into the market.
Flora continued that, “Our part is to support early-stage projects that are helping to create the building blocks and infrastructure for larger utility and enabling growth in the blockchain market.”
Binance Also Operates Several Blockchain Startup Support Projects
This grant award is only one of several Binance Labs projects. It also runs an Incubation Program that assists blockchain project start-ups.
In December 2018, Binance announced the introduction of its incubator project to five new cities in the world. It named the cities as Berlin, Lagos, Buenos Aires, Singapore and Hong Kong.
March 2019, the Argentinian government in a statement said it would make similar investments in other local blockchain startups like that made by Binance Labs and LatamEX Founders Lab, a local Blockchain startup incubator.