The cryptocurrency space is still considered to be in its early stages as many projects strive to overcome traditional finance barriers. In March, Ethereum-based crowdfunding platform, Gitcoin pledged $50,000 in development grants towards coronavirus-related initiatives and ever since has been aiming to improve the state of the ecosystem from public health projects to projects to advance crypto.
Joining Gitcoin in its endeavor, Binance has announced $100,000 to the next Gitcoin Grants matching round. According to the Chief Executive Officer [CEO] of Binance, Changpeng Zhao this donation will support up-and-coming Ethereum projects, while a part of this fund will also contribute to hackathons on the Public Good and Growing Web3 themes.
“We want to support Ethereum developers so that they’re able to identify and invest in the next generation of decentralized applications and services. We want to continue doing what we can to build the crypto industry as a whole and build more infrastructure for the future DeFi economy. The future is decentralized, and we see Binance as a bridge to get there.”
This will bring Binance’s Smart Chain closer to the Ethereum ecosystem despite already being compatible. This was complementary to Binance Smart Chain’s $100 million accelerator fund. Ever since launch, BSC has given out grants to 11 projects. This funding has pushed the total number of projects on BSC to over 40. These projects included the recently added Gitcoin, along with other projects such as Bounce, DeFiStation, JustLiquity, and PARSIQ.