The Provenance Blockchain Foundation has announced a $50 million grant program for blockchain developers to support the development of regulated financial services on the blockchain.
The grant program promises to award $50 million worth of HASH, which is the native token of the Provenance Blockchain, to developers who create core services and experiences that enable the full native digital lifecycle of regulated financial assets on Blockchain technology. Developers will be evaluated based on a number of factors, including their ability to contribute to asset perfection, asset creation, on-ramps, off-ramps, security, compliance, wallets, identity, tools for developers and the new use cases of financial assets. All projects awarded grants will also have to undergo the “Know Your Customer” check.
In addition to the HASH-based grants, the Provenance Blockchain Foundation has stated that it will also offer additional support to developers such as ecosystem presentations, networking opportunities, product promotion and marketing, and technical onboarding assistance.
The Provenance Blockchain Foundation shared that its ecosystem will foster open innovation by bringing together developers, financial applications, and issuers to facilitate the full digital lifecycle of financial assets. Through this ecosystem, developers will also have the opportunity to earn revenue from the services they provide to other participants.
Despite being in a bear market, several blockchain companies are investing in building their ecosystems.
On Feb. 23, Cointelegraph reported that The Interchain Foundation (ICF), the non-profit organization responsible for creating the Cosmos (ATOM) inter blockchain communications (IBC) ecosystem, has recently committed to invest approximately $40 million. in 2023 for the advancement of its infrastructure and core applications.
Additionally, on January 19, SSV.network, a validator infrastructure developer, also launched a new ecosystem fund aimed at promoting innovation in Ether staking technologies and supporting the decentralization of Ethereum proof-of-stake. The fund, valued at USD 50 million, will be dedicated exclusively to financing projects focused on the creation of applications that use distributed validator technology (DVT).
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