Investment Arm Of Binance Awards Grants To Three Startups Working On Open-Source Blockchain Tech
Binance created the Binance Labs investment arm as a way for the company to invest in other projects. According to recent reports from CoinDesk, Binance Labs has found three startups working on open-source blockchain technologies – Ironbelly, HOPR, and Kitsune Wallet. Each one has been given a $15,000 grant.
Ironbelly is a mobile wallet that is directly attached to the Grin/Mimblewimble blockchain, while Kitsune Wallet is an on-chain wallet with upgrade capabilities. HOPR, however, is a messaging protocol that focuses primarily on privacy. These three startups have just become part of the Binance Labs’ Fellowship program, making them the first to join this effort that funds and supports projects that focus on open-source development.
Flora Sun, the director for Binance Labs, said that the innovation in the blockchain space requires a community, made up of developer and entrepreneurs. These contributors are able to
“Imagine ideas and create new projects to bring products to market.” She added that Binance Labs is committed to participating in early-stage projects “that are helping to create the building blocks and infrastructure for larger utility and enabling growth in the blockchain market.”
There is an Incubation Program that Binance Labs also made public, which helps blockchain projects that are still in the early stages as well. At the end of 2018, Binance added Berlin, Buenos Aires, Lagos, Singapore, and Hong Kong to the program.
Last month, in an effort to stimulate the progress of blockchain locally, the Argentinian government decided that they would match the investments that both Binance Labs and local startup incubator LatamEX Founders Labs makes in these blockchain startups.