Binance Labs, the investment arm of cryptocurrency exchange Binance, has awarded grants of $15,000 each to three startups developing open-source blockchain technologies.

Receiving the grants are Ironbelly, a mobile wallet for the Grin/Mimblewimble blockchain; HOPR, privacy-preserving messaging protocol; and Kitsune Wallet, an upgradeable on-chain wallet.

The three startups are now the first “fellows” of Binance Labs’s Fellowship program, which funds and supports early-stage open-source development projects, according to a blog announcement Friday.

According to Binance Labs director Flora Sun, innovation requires "an engaged community of developers and entrepreneurs who imagine ideas and create new projects to bring products to market.”

She continued:

Binance Labs also operates an Incubation Program that supports early-stage blockchain projects. Back in December, the exchange announced the expansion of its incubator program to five new cities: Berlin, Buenos Aires, Lagos, Singapore and Hong Kong.

Last month, the Argentinian government said it would be matching investments in local blockchain startups made by Binance Labs and LatamEX Founders Lab, a local startup incubator.

Binance image via Shutterstock