New Delhi: Aleph Zero, a layer-1 privacy-backing blockchain, has announced a new funding program to support global blockchain adoption. The Aleph Zero Ecosystem Funding Program is worth $50 million, and the Aleph Zero Foundation will supervise the program to support innovative developer teams that expand the capabilities, functionalities, and adoption of the Aleph Zero blockchain, according to a report by Cointelegraph.
The Aleph Zero Ecosystem Funding Program includes grants, incubation, and acceleration around product development, and successful applicants will be eligible for $500,000 per project through grant funding. In addition, grant recipients will get entry to Aleph Zero’s venture capital pool, infrastructure credits from Amazon Web Services, and design consultations from Kudelski Security.
The funding program is designed to support a diverse range of projects that add value to the ecosystem. The Aleph Zero Foundation will consider the ability of the team to enhance network usage and adoption, their execution capabilities, and the uniqueness of the project when selecting grant recipients, said Magdalena Oleksy, lead of Aleph Zero ecosystem.
The funding program is supported by a number of venture capital firms, including NxGen, Diamond Atlas Capital, BlackDragon, Necker Ventures, Hodl.nl and Hodl Ventures, Pragma Ventures, RR2 Capital, Cardinal Cryptography, Cardinal Ventures, Bellwether Rocks, and Offbeat, among others.
The Aleph Zero Ecosystem Funding Program aims to support the growth and development of the Aleph Zero blockchain and to expand its capabilities and adoption. With the support of the venture capital firms and the backing of the Aleph Zero Foundation, the program is expected to attract innovative and talented developer teams to build on the Aleph Zero blockchain, contributing to the growth of the global blockchain industry.