Binance Funds Over 40 Developers to Create Open-Source Crypto Software

Malta-based crypto exchange Binance intends to spur higher research in open-source blockchain development.

The exchange revealed Binance X on August 29, declaring that it was funding over 40 developers conducting a study into open-source crypto software. Binance X also anticipates encouraging partnership within the Binance ecosystem by giving resources to ventures in different stages of development and tap blockchain “evangelists” to cultivate education around the space.

For promising developers, Binance X provides a fellowship program centered on research and development of open-source blockchain software. Over 40 project heads have already signed on as Binance X fellows, though the exchange has not revealed how much financing these people will get. Applications are acknowledged on a rolling basis.

The platform aims to serve as a cryptocurrency-centered partner to X Development, the research and development subsidiary of Google parent company Alphabet. In addition to giving financial support, Binance X is also launching educational activities for developers and the public.

“The Binance X team will help educate, create opportunities for collaborations and jumpstart growth of these projects via the different programs and resources we have at Binance,” Binance X head Teck Chia said in a statement.

By leveraging the current ecosystem – including Binance Chain, Trust Wallet SDKs, APIs, and the Binance Charity donation platform – Binance X states it’ll back educational progression at each level “from noobs to seasoned developers.”

To draw in these “noobs,” Binance X’s supported evangelists will have blockchain workshops and reading groups at colleges and comparable settings to recruit and teach people.