Binance has identified Ukraine as a potential market to accelerate Web3 experimentation in. In a fresh update, the exchange has decided to provide financial assistance to Web3 projects originating in the nation that has been in a war situation with Russia since February 2022.
Binance co-CEO Richard Teng, on Thursday, announced a Ukraine-bound grant initiative aimed at funding solution-oriented Web3 projects emerging frorm the war-torn country.
Dubbed the “Digital Resilience Lab”, the initiative establishes a grant pool of $500,000 that Ukrainian Web3 projects can rope-in funding from. Binance has partnered Ukraine’s Ministry of Digital Transformation and the ministry-backed organization called Web3 Institute to shape up this initiative.
“The Digital Resilience Lab is designed to foster early-stage ideas and real-world solutions utilizing blockchain, digital technologies, and Web3 tools,” the exchange said, announcing that eligible Web3 projects could rope-in as much as $25,000 in fundings from the grant.
Projects looking to tap into the grant will first need to submit their ideas through the official website created for the Web3 Resilience Lab during the Application phase. In the next step, the Selection Phase, potential projects will be shortlisted based on impact, feasibility, and relevance. As part of the third and final phase, the community will engage in Public Voting to pick the most promising initiatives.
“The top 20 projects receive grants of up to $25,000, mentorship from industry experts, guidance from the Ministry of Digital Transformation, and access to the broader Web3 ecosystem,” the announcement said.
Students, veterans, and entrepreneurs developing Web3 skills for practical and scalable Web3 solutions are eligible to apply for the grant.
Ukraine is in the process of formulating regulations to oversee the crypto sector. trading, holding, and investing in cryptocurrencies are permitted in the country.
The country is also discussing if crypto assets should be included in the national reserves as long-term investment options.