Binance Labs Grants $15000 Each To Three Open Source Blockchain Projects

Binance Labs, which takes care of the investment decisions of top cryptocurrency exchange Binance, has recently taken to its blog to announce that it is granting a total amount bid $45000 to three open source blockchain projects that are a part of its Fellowship Programme. The announcement about the same was made on the 12th of April.

In December last year, Binance Labs had released the first batch of its Incubation Programme, having chosen right promising blockchain projects out of as many as five hundred applicants. Each of those admitted had received $500,000 in seed funding. In addition, Binance Labs also guaranteed all additional mentorship and a substantial amount of resources to take these projects to the next level.

Now, it has chosen the first three of its Fellowship Programme, designating them its first Fellows, to receive $15000 each for taking their projects forward. Of these, the first is a mobile wallet called Ironbelly. This particular project is focusing on serving the Grin blockchain and enabling Grin users to store and exchange Grin cryptocurrency more effectively.

The second project is called the HOPR. HOPR is a messaging protocol that ensures complete privacy in messaging. This offering plans to make sure the messaging correspondence remains absolutely private by using multiple relay nodes while sending the message to the intended recipient

The final project which managed to bag the funding is called the Kitsune Wallet. This wallet basically makes use of blockchain smart contracts to store all your crypto holdings in a single wallet address while continuously changing the outward appearance of the wallet address.

Clearly, these three Fellows are extremely promising projects which are expected to achieve quite a lot with the money and the mentorship coming their way. Commenting about the initiative, Flora Sun, the Director of Binance Labs, had the following statement to make:

“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.”