Provenance Blockchain Launches $50 Million Developer Grant Program
- Provenance Blockchain Foundation launched a $50 million grant program for blockchain developers has been launched.
- According to the company, this is the largest award pool for blockchain development available, particularly for the regulated financial services industry.
- $50 million in HASH will be given out by the initiative to help developers construct key services.
Provenance Blockchain Foundation, a public blockchain for financial services, announced a $50 million grant program for developers (the “Provenance Blockchain Grant Program”), which will reward $50 million in HASH (the native token of the Provenance blockchain), to support developers in building core services and experiences.
The Provenance Blockchain Foundation evaluates applicants on factors including security, compliance, wallets, identity, developer tools, and ability to contribute to new financial asset use cases. In addition, all funded projects must go through Know Your Customer (KYC) screening.
Provenance blockchain is a part of the Cosmos ecosystem, more than 60 top financial organizations working in banking, private equity, capital markets, lending, payments, and asset management actively use the open-source blockchain. Transaction costs are covered by the native utility coin HASH, which also makes governance possible.
The company claims that this is the largest award pool for blockchain development given, particularly for the regulated financial services industry.
Morgan McKenney, CEO of Provenance Blockchain Foundation, said in a statement:
“Successfully enabling open innovation is how financial services will be meaningfully improved for businesses and customers globally. That is why the launch of our grants program is such an exciting milestone, further deepening our collaboration with talented and diverse developers who want to create an enduring and sustainable ecosystem for launching and managing real-world digitally native financial assets on-chain and enable the ongoing mainstream adoption of blockchain technology in financial services.”
Developers, financial apps, and issuers may collaborate in an open innovation environment provided by the Provenance blockchain ecosystem to support the whole lifetime of financial assets as digital assets. With the Provenance Blockchain, developers have the chance to get paid when users of the ecosystem utilize their services.
Beyond HASH-based awards, the Provenance Blockchain Foundation will engage with developers and support them by offering ecosystem introductions, networking opportunities, product promotion and marketing, and assistance with technical onboarding.
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