ICOs Join to Establish $100 mln Fund
February 19, 2018
For the first time ever half a dozen of ICO-companies have gathered to establish a new fund that is planning to pay over 100 mln dollars for promising projects in the Ethereum cryptocurrency environment.
The fund itself called Ethereum Community Fund (ECF) will be backed by cryptocurrency projects Omise Go, Cosmos, Golem, Maker and Raiden as well as by the Japanese VC Global Brain. Other projects, however, may also participate which means the fund level to grow in due course.
These are notable crypto space members with OMG having the highest coin market capitalization of $1.6 bln, Golem making $360 mln and Maker about $640 mln while Raiden and Cosmos being highly rated from technical side.
The project’s precise range is still not quite clear yet initial investments sum has made up over $100 mln in fiat, Ether and other tokens. The funds are to be distributed via grants (not exchanged for assets or tokens) which will be given to the projects, services and businesses that are considered to facilitate the Ethereum community.
“This program will be established as a permanent financial endowment to support and aid projects in building crucial open-source infrastructure, tooling, and applications”, as the fund’s website runs.
Currently the EFC provides no information on grants but, as some sources say, they may vary from 50 000 to 500 000 USD with room for subsequent financing.