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Finance

Kadena Launches $100M Grant Fund to Support Early-Stage Builders

The protocol hopes to empower developers and entrepreneurs entering the Web 3 space.

By Cam Thompson
AccessTimeIconApr 21, 2022 at 1:35 p.m. UTC
Updated May 11, 2023 at 6:45 p.m. UTC
Kadena co-founder and President Stuart Popejoy. (CoinDesk archives)
Kadena co-founder and President Stuart Popejoy. (CoinDesk archives)
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Blockchain protocol Kadena said Thursday it is launching a $100 million grant fund to support individuals and companies building on the chain.

The protocol’s growth initiative Kadena Eco will focus on supporting developers and entrepreneurs building decentralized autonomous organizations (DAOs), decentralized finance (DeFi) and non-fungible tokens (NFTs) within Kadena.

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    • “We care about the best builders building on Kadena. A lot of them are transitioning into Web 3, and they will help define these use cases,” said Chief Investment and Innovation Officer Paul Hsu.

    Kadena is fronting the grant capital, Kadena Eco CEO Francesco Melpignano said over Telegram. It will dole the grants out to idea-stage projects with “no-string-attached.”

    “It’s Kadena’s way to pay it forward to our community and blockchain builders moving the needle in the space,” he said.

    Kadena’s grant program continues a trend of ecosystem investments by crypto projects. This year alone has seen The Graph launch a $205 million ecosystem fund and privacy-focused Secret announce its own $225 million effort.

    Disclosure

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Cam Thompson
    Cam Thompson

    Cam Thompson was a news reporter at CoinDesk.

    Follow @camgthompson on Twitter

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