Switzerland-based tech company Velas has allocated $ 100 million to startups building on the Velas blockchain, a significant increase from its initial commitment of $ 5 million at the beginning of the year.
The scholarship program is designed to support the growth of the Velas ecosystem and expand its capabilities in Web 3.0, an overarching term that describes the next stage in the evolution of the Internet. Like the original $ 5 million grant program announced in August, the new funding initiative will provide up to $ 100,000 per project. While Velas intends to fund a wide range of projects, developers developing solutions for DeFi, decentralized exchanges, unusable tokens and games will be a priority.
To apply for funding, startups must submit a business plan, pitch, specifications for their product, project progress, and an explanation of how their project will bring its own benefits to the Velas ecosystem. Developers selected for the program will receive networking, bookmarks and technical support from the Velas team.
Velas is an open source blockchain network that tries to combine the best features of centralized and decentralized solutions.
The protocol monitoring company is based in the Swiss canton of Zug, also known as Crypto Valley because of its role in regulating and supporting blockchain innovations.
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Blockchain startups have received significant funding this year as venture capital continues to bring promising crypto closings to the market. In June of this year, Silicon Valley venture capital company Andreessen Horowitz launched its largest crypto fund of all time for $ 2.2 billion, more than double what it claims. Andreessen also participated in Solana Labs’ private token sale valued at $ 314 million, helping put the network in the spotlight.
New industry research also shows that a significant proportion of startups are working on blockchain applications. According to the Global Startup Ecosystem Report 2021 published in September, blockchain-based companies account for 10% of startups worldwide. The report shows that blockchain is the second fastest growing subsector in early stage finance after advanced manufacturing and robotics.