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 commits $50 million in Provenance Blockchain’s native token HASH to developers building core services and experiences that enable the full digital-native lifecycle of regulated financial assets on blockchain technology. Developers will be evaluated based on a range of factors, including their ability to contribute to asset refinement, asset origin, on-ramp, security, compliance, wallets, identity, developer tools, and new financial asset use cases. All funded projects must also undergo a "know your customer" screening.
In addition to the HASH-based grants, the Provenance Blockchain Foundation said it will provide additional support for developers, including ecosystem introductions, networking opportunities, product promotion and marketing, and technical onboarding assistance. The Provenance Blockchain Foundation said 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 income from the services they provide to other participants.
Despite the bear market, various blockchain companies are investing in building their ecosystems. On Feb. 23, Cointelegraph reported that the Crosschain Foundation, the nonprofit responsible for creating the Crosschain Cosmos ecosystem, recently committed to investing around $40 million in 2023 to advance its core infrastructure and applications.
Additionally, on Jan. 19, validator infrastructure developer SSV.network also launched a new ecosystem fund aimed at fostering innovation in Ethereum staking technology and supporting Ethereum Proof-of-Stake decentralization. Valued at $50 million, the fund will be dedicated to funding projects focused on building applications using distributed validator technology.
