Binance CEO CZ (Changpeng Zhao) announced yesterday at the Binance Summit: Blockchain Applied the exchange will donate $100,000 to the next Gitcoin Grants Matching round in order to support current and future Ethereum projects, according to a press release shared with iHodl.
According to CZ, a part of the funds will be invested in their hackathons on the Public Good and Growing Web3 themes. The exchange's CEO has said:
"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."
Gitcoin Grants allow developers to receive recurring monetary support for working on open source projects. Developers create the grant request on Gitcoin by providing relevant information about the project, including its methodologies, valuation creation, team background, as well as other details. Then, potential funders check all available projects and choose the one they are more interested in.
The $100,000 donation is part of Binance’s $100M accelerator fund for Binance Smart Chain, which launched last month.
It must be noted that 11 projects have received grants over the last month, increasing the total number of projects on Binance Smart Chain to more than 40.
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