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 together.
Many new projects in the cryptocurrency industry are struggling to overcome financial barriers in a traditional context. Binance has decided to lend a hand to Gitcoin, a platform created to support these new projects. Binance Smart Chain announced that it has donated $ 100,000 for the project. Since inception, Binance Smart Chain has donated 11 projects. Gitcoin has also been added to Binance-supported projects 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 released 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 its blog post, Binance highlighted the importance of working with different blockchains for the growth of the Binance Smart Chain and the entire cryptocurrency industry in general. The exchange said Binance Smart Chain and Ethereum, although they are two separate blockchains, are never competitors.
In its post, Binance highlighted the value of working together as a platform in the blockchain industry and said there should be more uses for the blockchain ecosystem in general, open to innovation.
CEO CZ also said they support the next generation of Ethereum-based applications and services and that they 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.”