Polychain, Web3 to Back Polkadot Projects With New Ecosystem Fund

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Polychain Capital is partnering with the Web3 Foundation to launch a new investment fund for projects building atop the Polkadot network.

The creators of the Polkadot Ecosystem Fund wouldn't specify how much was committed but did characterize it as "In the millions" in an interview with CoinDesk.

Expected to formally launch later this year, Polkadot is envisioned as an interoperable proof-of-stake blockchain network, much like today's ethereum.

As previously reported, the Web3 Foundation sought a $1.2 billion valuation for the project through multiple token sales from investors.

"The investment committee is looking for projects that will add long-term value to the Polkadot ecosystem."

He also said that unlike grant funding, where payment is strictly one-way, investments from the Polkadot Ecosystem Fund may require a percentage of equity from participating startups.

Since last December, the Web3 Foundation has been issuing grants to projects using Polkadot's blockchain application framework, Substrate.

Now on its fourth wave of grants, over 40 projects have been funded in total by the non-profit with amounts ranging from $3,000 to $10,000 per grant.

In August, Web3 Foundation launched an experimental version of Polkadot called Kusama for early application developers and validators to test out.

In a statement, Wood, who is also president of Web3 Foundation, said he saw the Polkadot Ecosystem Fund as "An important outlet for teams at all stages to get the support they need."