Binance Labs Grants $45,000 To Three Blockchain Open Source Projects

Blockchain, News | April 15, 2019 By:

Binance Labs, the venture arm of crypto exchange Binance, has granted $15,000 to each of its first three open source Fellowship projects.

First announced in January of this year, the Binance Labs Fellowship Program is an initiative to support open source development of the blockchain stack. The program is looking for developers who are active contributors to open-source software (OSS) and researchers who can publish papers, give talks, and develop reference implementations about blockchain topics. Fellows in this Binance Labs program will get to work on meaningful blockchain projects and get a chance to prong them to market if they are commercially viable. These fellows also stand to benefit from monthly stipends, mentorship via Binance portfolio leaders and advisors, and visibility via Binance’s marketing network.

The first three fellows of the program are Ironbelly, a mobile wallet for the Grin blockchain, HOPR, a privacy-preserving messaging protocol, and Kitsune Wallet, an upgradeable on-chain wallet.

“The Binance Labs Fellowship supports developers and researchers in creating free and open-source projects, enabling new innovations and businesses in the cryptocurrency economy,” said Teck Chia, Partner at Binance Labs. “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 said that the three open-source Fellowship projects will each get $15,000 as well as guidance and resources from the Binance Labs network. The three fellows are accepting matching contributions through Gitcoin Grants on grants received before April 19.

“We have seen firsthand how innovation depends on an engaged community of developers and entrepreneurs who imagine ideas and create new projects to bring products to market,” said Flora Sun, Director at Binance Labs. “The more talent an industry attracts to the space, the higher chance that it will be successful and Binance Labs hopes to further enable the overwhelming talent and builders of our industry. Thus, 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.”