The Provenance Blockchain Foundation has announced a $50 million grant program for blockchain developers to support the development of regulated financial services on blockchain. The grant program promises to award $50 million in HASH, the native token on Provenance Blockchain, to developers who build core services and experiences that enable the full digitally-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 perfection, asset origination, on/off ramps, security, compliance, wallets, identity, developer tools, and new financial asset use cases. All projects that are awarded grants will also have to undergo Know Your Customer screening.
Beyond the HASH-based grants, the Provenance Blockchain Foundation said it will also offer additional support to developers, including ecosystem introductions, 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 complete digital lifecycle of financial assets. Through this ecosystem, developers will also have the chance to earn revenue from the services they provide to other participants.
Despite being in a bear market, various blockchain companies are investing in building up their ecosystems. On Feb 23, Cointelegraph reported that The Interchain Foundation (ICF), the nonprofit organization responsible for the creation of the Cosmos ATOM inter blockchain communications (IBC) ecosystem, has recently pledged to invest approximately $40 million in 2023 towards the advancement of its core infrastructure and applications. Additionally, on Jan 19, SSV.network, a developer of validator infrastructure, also launched a new ecosystem fund aimed at promoting innovation in Ether staking technologies and supporting Ethereum proof-of-stake decentralization. The fund, valued at $50 million, will be solely dedicated to financing projects focused on building applications using distributed validator technology (DVT).
The Provenance Blockchain Foundation’s grant program and the other initiatives mentioned above are a testament to the continued commitment of the blockchain industry to build up and strengthen the blockchain ecosystem. The grants and other investments are not only a great opportunity for developers to get involved in blockchain development, but also a great way to promote and support the development of regulated financial services on blockchain.
The Provenance Blockchain Foundation’s grant program is also a great way to incentivize developers to create projects that are compliant with regulations and ensure that the projects adhere to the highest standards of security and compliance. The grants will also help developers to create projects that are innovative and that can help to further the development of the blockchain ecosystem.
The Provenance Blockchain Foundation’s grant program is a great way to encourage developers to create projects that are compliant with regulations and that will help to further the development of the blockchain ecosystem. The grants are an important part of the Provenance Blockchain Foundation’s commitment to fostering open innovation and helping to facilitate the complete digital lifecycle of financial assets. The grants will also provide developers with the opportunity to earn revenue from the services they provide to other participants.
The Provenance Blockchain Foundation’s grant program and other initiatives are a great way to promote and support the development of regulated financial services on blockchain. The grants and investments are a great opportunity for developers to get involved in blockchain development and to create projects that are compliant with regulations and that will help to further the development of the blockchain ecosystem. The grants and investments will also help to ensure that projects adhere to the highest standards of security and compliance and will help to incentivize developers to create projects that are innovative and that can help to further the development of the blockchain ecosystem.
