Six ICO companies have come together to collaborate on a new grant fund of over USD 100 million dedicated to promising projects in the Ethereum blockchain, according to TechCrunch.
The project is called the Ethereum Community Fund (ECF) and it will be supported by OmiseGo, Cosmos, Golem, Maker, Raiden and VC Global Brain, all big players in the crypto world. Other companies are welcome to join, which means that the more funds may 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.
The fund includes more than USD 100 million in fiat (traditional) currency, Ether and other tokens, which will be deployed via grants to projects, services or businesses that are seen to “enrich” the Ethereum community.
The ECF’s website reads: “This program will be established as a permanent financial endowment to support and aid projects in building crucial open-source infrastructure, tooling, and applications.” For example, the Ethereum community agrees that more work is needed on increasing 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.