The Tezos Foundation is doing its bid to encourage crypto and blockchain developers, as a new report shows that the firm has made significant commitments to help improve its ecosystem.
Earlier this week, the firm released its second Biannual Report, which detailed some of the progress that the firm was able to make in the final two financial quarters of 2019. As the report confirmed, the Tezos Foundation now has a war chest totaling $635 million – a rather substantial figure for a company that made less than $250 million in its Initial Coin Offering.
Prioritizing Internal Growth
Roman Schnider, the company’s Chief Financial Officer (CFO), explained that the firm has been able to raise such a sizable amount because of “positive market dynamics.” Expatiating, he revealed that the Bitcoin and Tezos blockchains had seen significant increases in their blockchain assets over the past 36 months, and that has worked out reasonably well for the firm’s bottom line.
The report also shed some light on how the Foundation has been able to use its funds, and it showed that it had provided $37.6 million in funding to its blockchain ecosystem since Q3 2019 began.
The report showed the divisions of the grant – ecosystem projects, research and development, and community support. All grant beneficiaries will need to go through a comprehensive application process, which involves proposal evaluations by several communities and due diligence reviews.
The Foundation already accepted 78 grants out of over 200 applications. While it didn’t reveal the details of the beneficiaries, the report explained that all payments would be made after specific milestones have been completed. For now, most of the grant’s research efforts have been geared towards developing Tezos’ smart contract languages, as well as optimizing aspects of the core software like privacy, staking, and general performance.
Other aspects where grants were also focused include the development of ecosystem…