Leading cryptocurrency exchange Binance has formally introduced its accelerator program for blockchain and cryptocurrency development.

The exchange announced the launch of Binance X, a project that is designed to provide blockchain developers with some of the resources needed to power their work. The program includes educational direction as well as tools and channels for online collaboration. It also includes a fellowship program.

“One of the programs we started at Binance X was the Binance X Fellowship Program,” according to a blog post on the initiative published on August 29, 2019. “It was designed to support talented developers in creating free and open-source software that would enable new innovations and businesses in the crypto economy. Since the program started earlier this year, we have on-boarded about 40+ projects across various ecosystems.”

While the initiative may spur the types of open-source developments that can be leveraged throughout the blockchain ecosystem, much of the program seems focused on Binance-specific development.

Some of the programs that the company highlighted in addition to the Binance X Fellowship Program include the Binance Launchpad, Binance Labs Incubation and M&A, the exchange’s strategic investment arm.

Binance X will direct developers toward creating solutions with several of the exchange’s products, including Binance APIs, Binance Chain, Trust Wallet SDKs and the Binance Charity donation platform.

Binance has proven to be a frontrunner in the crypto industry and, given its current work on Venus, a global currency system that hopes to rival Facebook’s Libra, it is likely in need of all of the development talent it can get.

But it’s possible that this opportunity for developer resources could help other projects, including Bitcoin, as well. With Binance providing financial and technical help, the exchange could be enabling an environment for people who eventually contribute to the progress of other cryptocurrencies in one way or the other.

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