Binance Labs recently announced leading an 8 million dollar seed funding round for Tea, an emerging open-source software platform on the blockchain. The innovation incubator and venture capital behind Binance aim to promote open-source operations with the development.

The role of open-source has been detrimental in the global industry for a long time. Max Howell, the CEO, and Co-Founder of Tea, who is also known for creating Homebrew (Brew), knows this quite well. Max’s influence in the open-source space is unmatched as Homebrew has amassed tens of millions of global developers. 

In addition, it has acted as the foundation of several prominent technology organizations and projects. The tool lies beneath developer tools, managing an equitable and fair value transfer to the open-source ecosystem. 

On the other hand, Tea has also showcased a significant evolution of standard open-source software, preparing a new category where volunteer developers receive compensation and involvement in open governance.

The platform moderates open-source that outperforms most modern digital structures. It will release packages on-chain in the form of NFTs with the inclusion of their dependency metadata. With developers’ use of Tea, the governance tokens will be made available as per their real-life use-cases to steer the ecosystem.

Max Howell also talked about the recent development, stating that Web 2.0 has been accruing fortunes with the help of free labor by unpaid open-source developers. Still, the space is full of opportunities, which no one has ever seen or tried. That is why Tea is designed to be an intuitive and approachable collection of tools that work with Web 2.0 and web3. 

Tea will use the funds to get additional resources, continuing its contribution to community development while working on software and the protocol. Some of the participants include Lattice Capital, XBTO Humla Ventures, Coral DeFi, DARMA Capital, Rocktree, Woodstock, MAKE Group, and SVK Crypto.