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Binance Labs Allocates $45,000 to Three Open-Source Projects


Binance Labs, the investment wing of largest cryptocurrency exchange by trading volume Binance, has allocates $45,000 to three different projects. The news was announced by Binance labs in a blog post recently.

According to the blog post, Binance Labs has granted $15,000 to each of its first three open-source Fellowship projects. The first project is an open source mobile wallet for Grin blockchain, Ironbelly. The project’s main aim is to facilitate customers to hold and transfer Grin cryptocurrency between people to people.

The second project which Binance Labs contributed its fund is HOPR, privacy-preserving messaging protocol. Reports suggest that the project aims to offer privacy for the users. The project provides privacy by sending messages via various relay nodes to the recipients.

The third project is Kitsune Wallet. It is upgradeable on-chain wallet and described by its creators, “a smart contract-based account that will hold your crypto assets in a single contract (address) while being able to change appearance depending on your need.”

According to the reports, all the three projects will be onboard by the Fellowship of Binance Labs. And the first “Fellows,” with further guidance and resources offered by the Binance Labs network.

Flora Sun, Director at Binance Labs, said,

“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. 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.”

Last December, Binance Labs issued its first batch of blockchain projects from its Incubation Program. Binance Labs chose only eight projects out of 500 applicants following a try-out tour. Binance awarded $500,000 for each projects in seed funding and access to necessary resources and mentors.

In March, the government of Argentina agreed to invest in blockchain projects that are supported by Binance Labs and Latin American crypto exchange LatamEx. Each year, over a four year term, the country’s Ministry of Production dedicated to match investments of up to $50,000 in each project and will fund up to 10 blockchain projects.