Crypto currency exchange Binance has announced that it will donate $ 100,000 to new Ethereum-based projects with Gitcoin. According to CEO Changpeng Zhao, this donation will bring Ethereum and Binance Smart Chain closer to each other.
Many new projects in the cryptocurrency industry are struggling to overcome financial barriers in a traditional context. Binance has decided to lend a helping hand to Gitcoin, a platform established to support these new projects. Binance Smart Chain announced that it donated $ 100,000 for the project. Since the beginning, Binance Smart Chain has donated 11 projects. Gitcoin has also been added to projects supported by Binance such as Bounce, DeFiStation, JustLiquity, and PARSIQ.
Gitcoin is a development-focused platform that supports blockchain projects through crowdfunding and foundation grants. The mission of the project is to grow and maintain projects in Web3.
According to the statement made by Binance CEO Changpeng Zhao, known as CZ in the cryptocurrency community, some of this money will be used to support Ethereum-based projects with Gitcoin, while some will be used in Web3 hackathons.
“Binance Smart Chain and Ethereum are not competitors”
In his blog post, Binance emphasized the importance of working with different blockchains for the growth of Binance Smart Chain and the entire cryptocurrency industry in general. The exchange stated that Binance Smart Chain and Ethereum, although they are two separate blockchains, are never competitors.
In his post, Binance emphasized the value of working together as a platform in the blockchain industry and said that there should be more uses for the blockchain ecosystem in general, open to innovation.
CEO CZ also said that they support the next generation of Ethereum-based applications and services and are doing their best to build the cryptocurrency industry as a whole. Zhao also explained that they want to create more infrastructure for the future decentralized financial economy.
“The future is decentralized and we see Binance as a bridge to get there.”