Despite the fact that we’re in the middle of a bear market and the crypto volatility is extreme these days, there are still some pretty exciting events taking place that are showing the fact that the crypto adoption is still going great.
Check out the latest reports about supporting Web 3.
Funding Web 3
It’s been just revealed that the blockchain developer platform Alchemy is launching a $25 million grant program to support Web3 developers and startups.
According to the notes, the applications for up to $50,000 in funds open Monday, and funds will be issued in mid-July.
Considering the latest collapse in crypto prices that have been causing many companies to lay off workers and scale back projects, Alchemy sees the slump as a time for Web 3 projects to flourish.
“We believe as ecosystem builders, it’s our responsibility to help everyone get excited about the new technology, but also to bring new developers within the ecosystem even during the market downturn.”
This is what Paul Almasi, Alchemy’s Head of Ecosystem Development, told CoinDesk as reported by the online publication.
Controlling the allocation of funds
According to the same notes, it’s also worth pointing out the fact that Alchemy plans to fund the grants initiative out of pocket in order to control the allocation of funds.
Alchemy was able to raise $200 million in a funding round in February that valued the company at $10.2 billion.
Almasi also made sure to point out the fact that Alchemy hopes to fund projects dedicated to increasing the utility of NFTs and making DeFi accessible to institutions and at-home traders alike.
He said he’s looking to fill the first cohort with a “diverse representation of builders,” which will be chosen internally by the Alchemy team.
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