Binance Labs Awards $45,000 in Grants to Blockchain Projects

Reading Time: 2 minutes

Donations to fresh crypto projects are vital in ensuring the next generation of blockchain products are better than ever. As part of its commitment to help the global blockchain community, Binance Labs has given $45,000 to three open source blockchain projects. Split into troughs of $15,000, each project will now have a little more funding to help get its product to market.

Open source projects are favorable amongst the crypto community thanks to their inherent decentralization and added security, but they do lack a certain level of support that more centralized and closed applications can offer.

Backing the Next Generation

The three projects that were given funding are all relatively new and are still in the early development stages. The first of the bunch is Ironbelly – a mobile wallet for the Grin blockchain. Funds will be used to fix an array of bugs and help make general improvements to the app. Next up is HOPR – a live venue database that allows users to see the most happening events around town. HOPR is hoping to add more venues and events around the globe with this new funding round. Kitsune Wallet – an upgradeable on-chain wallet – received the last batch of funding. All of these projects will help power the blockchain ecosystem, and will hopefully all go on to take full advantage of the Binance Launchpad in coming years.

Project Donations Becoming More Common

Less than a week ago, Ripple decided to help university students further their education by donating $25 million in XRP. It’s thought to be the largest single donation ever made to a university, with San Francisco State University thrilled to have been chosen to receive the funding. The $25 million in XRP will be used to fund student projects at the university’s blockchain club, building the next generation of blockchain protocols, projects, and dApps. The Lightning Network was born in a university dorm room, and the hope is that so too will the next big blockchain innovation.

Binance is well known for being generous, donating $100,000 to the Malta Community Chest Fund over the Christmas period. On top of these generous donations, Binance also altered its listing fees to help give back to the community. As Binance continues to standout as the foremost crypto exchange and blockchain startup incubator, these grants will only get larger and larger. We can’t wait to see how these three projects progress and thrive thanks to Binance.