Provenance Blockchain Foundation announces $50M in grants for blockchain development

The grant program will award $50 million in HASH, the native token on Provenance Blockchain, to developers.

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 promise to award $50 million in HASH, which is 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 have to also 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.

Related: Bosch partners with AI firm for $100M fund to empower Web3 development

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).