RockX launches $20 million funding program for the Polkadot ecosystem

Digital asset improvement firm RockX has launched a $20 million funding program to help the Polkadot (DOT) ecosystem over the following 5 years. The funding, capped at a most of $500,000 price of DOT tokens per mission, shall be supplied alongside technical help from the staff’s builders. In return, the agency will obtain tokens or fairness from supported tasks.

RockX, which presently runs a node for Polkadot, Cosmos, Solana, Oasis, and Terra, was co-founded by Alex Lam, who additionally runs Asia primarily based Bitcoin (BTC) mining services RockMiner.

CEO Lam mentioned that this system is being launched with monetary support from a lot of particular person buyers, who’ve requested to stay nameless. He described the thriller companions as distinguished DOT holders who’re additionally long-term supporters of Ethereum (ETH) stating:

“They’re guys who’ve been within the Ethereum neighborhood since 2015, and have supported the Ethereum ecosystem up to now by way of investments and constructing tasks.”

Regardless of their monetary contributions, they won’t present any affect over which tasks are to be accepted into this system — a choice that shall be made solely by the RockX staff.

Though structured as an funding program, the staff can even take into account awarding no strings connected grants to sure tasks sooner or later. Though no mission has but been accepted into this system, RockX is already in preliminary discussions with some groups.

The announcement comes only one week after Polkadot established the Polkadot Treasury, and though the funding program “has no reference to the Treasury”, it shares an analogous imaginative and prescient to assist “construct and promote tasks” on the Polkadot community. Lam mentioned:

“With a powerful technical background, RockX can even construct and contribute technically to Polkadot.”

The biggest crypto fund in South East Asia Signum Capital is an investor in RockX. Managing accomplice John Ng Pangilinan mentioned that RockX is doing greater than merely safeguarding the Polkadot community as a node operator:

“RockX is taking a step additional to assist blockchains develop by leveraging its technical capabilities and investor networks. This can arrange a brand new collaborative mannequin for the trade.”

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