A $50m venture fund backed by Chinese conglomerate Wanxiang has officially launched a grant program focused on funding open-source blockchain projects.
In statements, WBL co-founder Bo Shen said that the organization intends for the grant program to award projects that focus on utility rather than financial "speculation".
Once applications are submitted, WBL said it aims to vet all projects based on their "viability, significance, innovativeness and utility", informing applicants of their final decision within two weeks of receiving submissions.
WBL plans to award the $50,000 grant every two months, selecting a total of six open-source blockchain projects annually to award a total of $300,000.
Applications for the first installment of the program must be submitted before 30th November, with all projects needing to be registered under open-source software licenses such as General Public License (GPL) or the MIT License.
Stacking coins image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.