A $50 million grant program for blockchain developers has been made public by the Provenance Blockchain Foundation to encourage the creation of regulated financial services on the blockchain.
Provenance Blockchain Foundation to Grant $50M to Support Blockchain Development
Developers that provide the essential services and user experiences that support the full digitally native lifetime of regulated financial assets on blockchain technology will receive $50 million in HASH, Provenance Blockchain’s native token, as part of the grant program.
The capacity of developers to contribute to asset creation, asset perfection, on- and off-ramps, security, compliance, wallets, identification, developer tools, and novel financial asset use cases will all be taken into consideration when evaluating developers. Moreover, Know Your Customer screening will be required for all projects that get funding.
The foundation announced that in addition to the HASH-based awards, it would also provide developers with extra help, including introductions to the ecosystem, networking possibilities, product promotion, and marketing opportunities, and technical onboarding support.
The foundation claimed that by uniting developers, financial applications, and issuers to streamline the full digital lifetime of financial assets, its ecosystem would promote open innovation. Developers will be able to earn revenue through this ecosystem by charging users for the services they offer.