Tezos Grants $37 Million To Its Ecosystem Developers

In its Second Biannual Report, the Tezos Foundation has granted the group’s progress in Q3 and Q4 of last year (2019). As we can see from the report, Tezos grants $37 million to its developers from its $635 million that is owned in assets. This is much more than the $232 million that was raised in the infamous Tezos initial coin offering (ICO).

When asked about how the foundation was able to achieve this, the company’s CFO Roman Schnider talked and said that the project benefited from positive crypto market dynamics. He also said:

“The increase is largely due to the appreciation of our blockchain assets over the last three years, BTC and XTZ in particular.”

In the report, we can see that Tezos grants millions of its funds to specific purposes – it offered more than $37.6 million in grant funding for the Tezos (XTZ) ecosystem since August 2019. The crypto news also show that the grants are divided into three main categories which inclide:

• Research and development (R&D) efforts
• Ecosystem projects, and
• Continuity support

This practically means that anyone who applies for a grant must pass a complex four-step process where the proposal is evaluated by several committees and consists of a couple of due diligence reviews.

Tezos grants a lot of its funds to different purposes. However, the foundation does not disclose the specific funding amounts awarded to each project. In the report, we can see that payments are subject to the completion of specific milestones.

Right now, the Tezos news show that the research efforts are focused on the smart contract languages that the network owns. Tezos grants more than 40 organizations for developing different ecosystem tools and applications, including several implementations of the Tezos block explorers as well as staking tools developed by separate companies.

Around $13 million were also awarded to local Tezos communities across the globe. Most of these are engaged in spreading awareness of the project by organizing meetups and hackathons. The communities that provide educational material are also being financially supported.

Meanwhile, the price of Tezos (XTZ) is today at $1.67 with a 2.46% increase on the day as most of the altcoins corrected and stabilized. The market leader, Bitcoin (BTC), is above $6,200 at press time with 4% daily gains.