Blockchain developer platform Alchemy is launching a $25 million grant program to support Web3 developers and startups. Applications for up to $50,000 in funds open Monday, and funds will be issued in mid-July.

With the recent collapse in crypto prices causing many companies to lay off workers and scale back projects, Alchemy sees the slump as a time for Web3 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,” Paul Almasi, Alchemy’s head of ecosystem development, told CoinDesk.

Alchemy plans to fund the grants initiative out of pocket in order to control the allocation of funds. Alchemy, raised $200 million in a funding round in February that valued the company at $10.2 billion.

Almasi said Alchemy hopes to fund projects dedicated to increasing the utility of non-fungible tokens (NFT) and making decentralized finance (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,” chosen internally by the Alchemy team.

Beyond providing capital to developers building Web3 projects, Alchemy has additionally invested in educational platforms Web3 U and The Road to Web3.

“Building Web3 is really painful … we want to have a centralized place where people can go and learn about these things in a structured way,” said Almasi.