Binance has just announced that it has donated $100,000 to Gitcoin to support projects based on the Ethereum blockchain.
— Binance (@binance) November 10, 2020
Following yesterday’s announcement by the CEO of Binance, CZ Zhao, of his intention to buy 32 ETH to be staked to contribute to the creation of ETH 2.0, a new initiative to support Ethereum is now underway.
Yesterday, during the event “Binance Summit: Blockchain Applied”, Changpeng Zhao announced that he will contribute $100,000 towards Gitcoin Grants Matching to support all the projects that will involve the Ethereum blockchain.
In more detail, Binance will participate in round 8, which is scheduled to take place from December 2nd to 18th, and this will allow developers to receive financial support, so they won’t have any problems in recovering funds, which would otherwise be difficult to obtain if not with tools such as ICOs (Initial Coin Offerings).
Gitcoin, the platform for Ethereum projects funded by Binance
It is worth mentioning that Gitcoin is a developer-focused platform that supports open source blockchain projects by helping to raise funds. It focuses mainly on Ethereum and Web3 projects.
The management of funds is interesting because they will be allocated with a mechanism called Quadratic Funding (QF), which in practice assigns resources to projects that have a high number of contributors and in this way, there is a greater decentralization of the project.
Binance notes that there is still a $100 million fund for all those who will embrace the Binance Smart Chain: since its launch, there have been 11 projects that have benefited from economic incentives and that have increased the number of projects present on this blockchain to 40, which, given its young age, still has much to prove.
Surely this is good news for all developers who are able to create projects that aren’t bound to one blockchain only, as they have a range of options and incentives to choose from.