Binance Labs an investment wing of the prominent cryptocurrency exchange Binance, through its investment fund with the mission of facilitating early-stage cryptocurrency and blockchain startups granted $15000 to the first three open-source fellowship ventures, individually. The latest initiative is announced through thewebsite blog on 12th April 2019.
With this new move of the establishment under its 1st fellowship round, Binance Lab wanted to support the Open-Source Blockchain Development projects and help the industry to grow. The 1st three privileged fellowship projects are Kitsune Wallet, an upgradeable on-chain wallet; Ironbelly, a mobile wallet for the Grin blockchain; and HOPR, a privacy-preserving messaging protocol.
Malta-based Binance Labs founded in July 2017, is an incubation program of Binance crypto podium is aiming to support the revolutionary industry while providing incubation and investment to good and viable startups of early-stage teams. The venture arm is visioned to empower the blockchain and cryptocurrency entrepreneurs with their projects and help the community to grow.
Under the Labs funding and incubation platform these startups would be able to hold a good clutch in terms of go-to-market-strategy & business development familiarity with Binance’s own experience and expert team, the various token models & Distributions process, how to do technical review which is one of the most important aspect of the product to be acceptable as per the market sentiments, and last but not least, how to get the talented team with the same vision.
Teck Chia, Partner at Binance Labs, while expressing his positive gestures towards these 1st three fellows and their innovative contributions said, “the Binance Labs fellowship programme enabling new innovations and businesses in the cryptocurrency economy while providing valuable financial and mentoring support to the developers and researchers who can create free and open source projects in the process of establishing key building blocks for the entire blockchain industry.”
The announcement further reveals that before April 19, 2019, these three projects are also receiving the matching contributions through Gitcoin Grants on grants received.