The investment arm of the cryptocurrency exchange company Binance, known as Binance Labs, has awarded grants of $15,000 each to three startups that are developing open-source blockchain technologies. 3 Open source blockchain startups obtain $45,000 in funding from Binance Labs.
The following are the companies accepting the awards:
- Ironbelly, a portable wallet for the Grin/Mimblewimble blockchain
- HOPR, privacy saving message protocol
- Kitsune Wallet, an upgradeable on-chain wallet
According to a blog announcement on Friday, the three startups have become the first “fellows” of Binance Labs’s Fellowship program. The program funds and supports early-stage open-source development projects.
Flora Sun, Binance Labs director, said innovation requires “an engaged community of developers and entrepreneurs who imagine ideas and create new projects to bring products to market.”
Continuing, she said:
“Our part is to support early-stage projects that are helping to create the building blocks and infrastructure for larger utility and enabling growth in the blockchain market.”
The Argentinian government said last month that investments made by Binance Labs and LatamEX Founders Lab, in local blockchain startups would be matched by them. LatamEX Founders Lab is a local startup incubator.
Early-stage blockchain projects are supported by an Incubation Program operated by Binance Labs. Back in December, the exchange announced the expansion of its incubator program to five new cities:
- Buenos Aires
- Hong Kong