Binance Labs Contributes $45,000 To Three Open-Source Fellowship Projects

The investment branch of one of the largest crypto exchanges, Binance Labs granted about $45,000 to three open-source fellowship projects. In the following altcoin news, we are about to read more about this amazing news.

The news was initially announced in a blog post just a day ago and according to the post, each open-source project gets $15,000 by Binance Labs. The first project is named Ironbelly which is basically an open-source mobile wallet that will enable customers to transfer and hold the Grin cryptocurrency built on the Grin Blockchain.

The second project that will receive $15,000 is the privacy-oriented messaging tool named HOPR. The platform will provide maximum privacy when sending messages via multiple relay nodes to each recipient.

Finally, the third project is an upgradeable crypto wallet named Kitsune Wallet.
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The developers describe the Kitsune Wallet as a ‘’smart contract-based account that will hold your crypto assets in a single contract while being able to change appearance depending on your need.’’

Binance Labs Fellowship program will further help the three projects since they are dubbed as the ‘’First Fellows’’ by providing them with more guidance and resources. The Director at Binance Labs, Flora Sun 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.”

Previously, the Argentinean government agreed to also invest in blockchain projects that are backed by Binance Labs and by the crypto exchange LatamEx which is a Latin American crypto exchange. The Ministry of Production of Argentina will also fund up to ten blockchain projects every year in the next four years.

Binance Labs released the first group of projects from its Incubation program. The reports show that about 500 applicants reached out to Binance but only eight projects were chosen, each receiving $500,000 in seed funding and access to mentors.