Binance Funds 40 Developers to Build Open-Source Crypto Software

Malta-based crypto exchange Binance wants to spur greater research in open-source blockchain development.

To that end, the exchange unveiled Binance X on Thursday, announcing that it was funding more than 40 developers conducting research into open-source crypto software. Binance X also hopes to facilitate collaboration in the Binance ecosystem by providing resources to projects in various stages of development and tap blockchain "evangelists" to foster education around the space.

For promising developers, Binance X offers a fellowship program focused on research and development of open-source blockchain software. More than 40 project leads have already signed on as Binance X fellows, though the exchange has not revealed how much funding these individuals will receive. Applications are accepted on a rolling basis.

The platform is designed to serve as a cryptocurrency-focused counterpart to X Development, the research and development subsidiary of Google parent company Alphabet. In addition to providing financial support, Binance X is also rolling out educational initiatives 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," Teck Chia, head of Binance X, said in a statement.

By leveraging the existing ecosystem – including Binance Chain, Binance.com APIs, Trust Wallet SDKs and the Binance Charity donation platform – Binance X says it will support educational advancement at every level "from noobs to seasoned developers."

To draw in these "noobs," Binance X's sponsored evangelists will host blockchain workshops and reading groups at colleges and similar venues to recruit and educate individuals.

Changpeng "CZ" Zhao photo via CoinDesk archives