Sunday, May 19, 2024
HomeAltcoinsBinance is backing Tea through a funding round

Binance is backing Tea through a funding round

Binance Labs has announced that it will lead an $8 million early fundraising round for Tea, a new open-source blockchain software platform. With the development, Binance’s innovation incubator and venture capital aims to boost open-source operations. For a long time, open-source software has been destructive to the worldwide industry. Max Howell, the CEO and co-founder of Tea as well as the creator of Homebrew (Brew), is well aware of this. Max’s influence in the open-source community is unrivalled, as Homebrew has tens of millions of users worldwide.

It has also served as the foundation for a number of notable technology organisations and projects. The tool sits beneath developer tools, ensuring that the open-source ecosystem receives an equitable and fair value transfer. Tea, on the other hand, has demonstrated a considerable progression in regular open-source software by establishing a new category in which volunteer engineers are compensated and participate in open governance.

Open-source is moderated on the platform, which exceeds most modern digital structures. It will distribute packages on-chain in the form of NFTs, with their dependency details included. The governance tokens will be made available as per their real-life use-cases to drive the ecosystem thanks to the developers’ use of Tea. Max Howell also commented on the new development, claiming that Web 2.0 has amassed millions thanks to unpaid open-source developers’ labour. Nonetheless, the space is brimming with possibilities that no one has ever seen or tried. Tea is designed to be a simple and friendly set of tools that operate on both the Web 2.0 and Web 3.0.

Tea will use the funding to acquire extra resources, allowing it to continue contributing to community development while developing software and the protocol. Lattice Capital, XBTO, Humla Ventures, Coral DeFi, DARMA Capital, Rocktree, Woodstock, MAKE Group, and SVK Crypto are among the participants.

Read more: Binance says “NO” to Ontario users

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.


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