100 Million Fund Raised For Ethereum Projects By Blockchain Startup

TechCrunch informed, that 6 ICO companies came together to collaborate on a new grant fund of over USD 100 million dedicated to promising projects in the Ethereum blockchain.

The name of the project is Ethereum Community Fund (ECF). It will be supported by OmiseGo, Cosmos, Golem, Maker, Raiden and VC Global Brain, which are the big players in the crypto world. There are other companies, that want to join the project. This means that more funds will become available.

ECF is also supported by key figures in the Ethereum Foundation, the organisation behind the Ether token, which is the base for the majority of blockchain projects. However, the Foundation itself is not involved in the ECF.

More than 100 million fiat money is included in the fund. Ether and other tokens, which will be deployed via grants to projects, services or businesses that are seen to “enrich” the Ethereum community.

This program will be established as a permanent financial investment for supporting projects in building open-source infrastructure, tooling and applications. Ethereum community, for example agrees that more work is necessary to increase its transaction capacity.

More ICO companies are expected to launch investment funds aimed at growing their ecosystems and encouraging companies to build on their platforms, according to techcrunch, despite the significant drops in value seen for most cryptocurrencies last month.