A recent report reveals that the Ethereum Foundation awarded nearly $3 million in grants to blockchain startups and developers. The move is part of ethereum foundation’s grant program.
On Monday, Ethereum Foundation GrantsTeam announced that it had awarded $2.86 million to 20 different startups or individual developers. The grant team expects the recipients to utilize the funds for projects like client diversity, security, scalability, usability and building tools. The Ethereum Foundation introduced the grant program to support developers working on launching decentralized apps (dapp) on the ethereum blockchain.
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Prismatic labs and Status received the largest grants of $500,000 each for an ethereum 2.0 clients project. In addition, Spankchain, Connext and Kyokan jointly received $420,00 for a project that focuses on an open-source software developer’s kit (SDK). The kit will is primarily for a custodial payment channel hub.
Further, the grant team acknowledged the effort of various developers that as contributed to the success of the ethereum network. The team wrote:
“We would not exist without the time and energy that you put into Ethereum. While the program continues to grow, we will increasingly continue to involve more community members in the decision-making process.”
One of the grantees, Status has applauded Ethereum Foundation’s grant program. The COO of Status, Nabil Naghdy told CoinDesk that the company feels privileged to be one of the recipients of the grant program. “The grant brings us closer to other client teams and ensures collaboration with brilliant minds working on similar problems. The challenges facing Ethereum are not project or team specific, they face us all,” Naghdy explained.
Ethereum Foundation’s Grant Initiative
Ethereum Foundation’s recent grant disbursement is the fourth wave of its grant initiative. The initiative is vital to the growth and development of the ethereum blockchain. Therefore, the foundation considers startups and developers that are committed to building tools that will contribute to ethereum’s ecosystem. The grant is open to startups and developers that are working on ethereum-based projects.
A month ago, Ethereum Foundation released an application guideline for firms and teams interested in its grant program. However, the team clearly stated that they are not interested in funding projects that are gearing for ICO or any venture capitalist investment. In addition, applicants with governance-related projects are not qualified for consideration. In August, the foundation revealed that its grant program had funded 52 projects with over $11 million. As such, it is clear that Ethereum Foundation is committed to the development of its ecosystem.