Three Startups developing open-source blockchain technologies have received a grants of $15,000 each from Binance Labs, the investment arm of cryptocurrency exchange Binance.
The grants which is in total of $45,000 is to support the start-ups in their quest to build projects that would serve the blockchain market on a larger scale.
Ironbelly, which is the first project, is an open-source mobile wallet for the Grin/Minblewinble blockchain. Its goal is to allow customers hold and transfer Grin cryptocurrency with others.
HOPR, a privacy-preserving messaging protocol was the second project to receive the grant. It sole purpose is to provide privacy by sending messages through several relay nodes to the recipient.
The third project is upgradeable on-chain wallet known as the Kitsune Wallet.
Developers of the Kitsune Wallet have gone ahead to describe it as “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.”
With this feat, the three startups are now the first “fellows” of Binance Labs’ Fellowship program.
Director of Binance Labs, Flora Sun, while speaking on the innovations by the start-ups, said the grants is meant to support early-stage open-source development projects.
“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,” she said.
Binance Labs also operates an Incubation Program that supports early-stage blockchain projects.
Recall that in December, the exchange said it would extend its incubator program to five new cities: Berlin, Buenos Aires, Lagos, Singapore and Hong Kong.
More so, the Argentine government, last month said it would be co-invest in local blockchain startups made by Binance Labs and Latin-America crypto exchange LatamEX Founders Lab.