Binance Labs leads $8 million seed round in blockchain open source software platform Tea

Binance Labs, a venture capital institution and innovation incubator owned by Binance, led an $8 million seed round in Tea, a blockchain open-source software platform.

Over the past 25 years, open-source programs and software have become the foundation of the Internet.

Tea co-founder and CEO Max Howell have been involved in the development of one of the world’s largest open-source software, Homebrew (also known as “brew”).

Homebrew has tens of millions of developer users around the world and is also a product development tool for many well-known technology companies.

Open-source software represented by Homebrew can serve as the underlying foundation for all development tools, and this feature makes it possible to achieve fairness and equality in value transfer in the open-source ecosystem.

Tea’s model is a major improvement over traditional open-source software, and it pioneers a new type of open-source software that allows development volunteers to be compensated and participate in open governance.

Tea controls the open-source image, the foundation of all modern digital infrastructure.

Packets containing metadata will be published on-chain as NFTs.

Every actual use of Tea by developers generates governance tokens, thereby driving the development of the entire open source ecosystem.

Tea’s common development and installation layer are decentralized, which not only improves its reliability but also provides localized, built-in “version management” capabilities for all tools in the stack.

The decentralized nature of Tea also significantly improves the security of the ecosystem. Every layer of all apps and dApps must be signed and verified on-chain.

Tea Inc. will use the financing for continued development of the protocol and software, as well as community growth.

Other institutions participating in this round of investment include XBTO Humla Ventures, Lattice Capital, DARMA Capital, Coral DeFi, Woodstock, Stonewood Capital, SVK Crypto and MAKE Group.

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