Binance Labs is an initiative to empower crypto projects. According to the weblog published on Friday, 12th April, Binance labs has funded US$15,000 each to three open-source blockchain projects. The three startups include Ironbelly; HOPR and Kitsune Wallet. They are considered to be the first three “fellows” of Binance labs.
Ironbelly serves as a mobile wallet for the Grin blockchain which facilitates its users to trade and hold Grin cryptocurrency. HOPR is a privacy-preserving messaging protocol that offers privacy by sending messages via various relay nodes to the beneficiary. On the other hand, Kitsune Wallet serves as an upgradeable on-chain wallet which is a smart contract-based account. It can hold the digital assets in a single address while being able to change appearance as per requirement.
The co-partner at Binance labs, Teck Chia remarked:
“The Binance Labs Fellowship supports developers and researchers in creating free and open-source projects, enabling 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.”
To fund the open-source project and to assist them in order to promote the blockchain ecosystem was the primary intent behind initiating the fellowship programme. Binance labs will provide instructions and grant funds to the developers and experimenters working in the concerned field.
According to Flora Sun, the director at the Binace Labs whole community of entrepreneurs along with the developers with a vast imagination and ability to establish new projects in the market is what required for innovation. She further added that Binance Labs intends to help startups to develop an infrastructure for broader utility and facilitating growth in the blockchain ecosystem.
Binance labs launched its Incubation Program in cities like Berlin, Buenos Aires, Lagos, Singapore, and Hong Kong in December 2018. The government of Argentina decided to co-join the projects supported by Binance labs and LatamEX (an American crypto giant) back in March 2019.