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Ethereum Foundation Handed $3.8 Million In Grants To Crypto Projects

09/09/2020

The Ethereum Foundation handed $3.8 million in grants to different community-focused crypto projects so in our Ethereum latest news we are reading more about the type of grants and who will get one.

The Ethereum foundation handed $3.8 million in grants as a part of its Ecosystem support Program awarding a total of $3.884 million to 28 projects that are specializing in various spheres. Among the supported projects is the FOSS responders which is aimed at helping different open-source efforts to cope with the ongoing coronavirus pandemic according to their website:

 “With the recent cancellations of open source events due to COVID-19, the future of the FOSS community is unknown. The only way to sustain our community is together, and FOSS Responders are here to help.”

The project offers help to crypto startups that had events planned but they have been canceled because of the current COVID-19 pandemic. The Ethereum Foundation previously awarded $2 million in funding to eight projects in their ecosystem and created three bounties offering $15,000 in total for multiple security-related challenges. Its grants demonstrated a solution to scaling. The full list of the grantees in Q2 can be found on the initiative’s official website.

As previously reported in the Tezos news, In its Second Biannual Report, the Tezos Foundation has granted the group’s progress in Q3 and Q4 of last year (2019). As we can see from the report, Tezos grants $37 million to its developers from its $635 million that is owned in assets. This is much more than the $232 million that was raised in the infamous Tezos initial coin offering (ICO).

Tezos news

When asked about how the foundation was able to achieve this, the company’s CFO Roman Schnider talked and said that the project benefited from positive crypto market dynamics. He also said:

“The increase is largely due to the appreciation of our blockchain assets over the last three years, BTC and XTZ in particular.”

Around $13 million were also awarded to local Tezos communities across the globe. Most of these are engaged in spreading awareness of the project by organizing meetups and hackathons. The communities that provide educational material are also being financially supported.