RockX, the digital asset development company, has launched a $20 million investment program to support the Polkadot (DOT) ecosystem over the next five years.
It has been reported that the funding, capped at a maximum of $500,000 worth of DOT tokens per project, will be provided alongside technical support from the team’s developers.
However, in return, the firm will receive tokens or equity from supported projects.
According to the report, RockX, which currently runs a node for Polkadot, Cosmos, Solana, Oasis, and Terra, was co-founded by Alex Lam, who also runs Asia based Bitcoin (BTC) mining facilities RockMiner.
"@rockx_official has launched a $20 million investment program to support the Polkadot ecosystem over the next five years. The funding will be provided alongside technical support from the team’s developers." https://t.co/UIUKz94k1F — Polkadot (@Polkadot) September 23, 2020
Lam said that the program is being launched with financial aid from a number of individual investors, who have asked to remain anonymous.
He described the mystery partners as prominent DOT holders who are also long-term supporters of Ethereum (ETH) by stating:
“They are guys who have been in the Ethereum community since 2015, and have supported the Ethereum ecosystem in the past via investments and building projects.”
Instead of their financial contributions, they will not provide any influence over which projects are to be accepted into the program, a decision that will be made solely by the RockX team.
RockX will provide half a million dollars in funding to selected projects in the Polkadot ecosystem, reports @mappopk_crypto https://t.co/DpG2OwHjET — Cointelegraph (@Cointelegraph) September 23, 2020
It has been analyzed that though structured as an investment program, the team will also consider awarding no strings attached grants to certain projects in the future. Also, although no project has yet been accepted into the program, RockX is already in preliminary discussions with some teams.
Lam said:
“With a strong technical background, RockX will also build and contribute technically to Polkadot.”
The report said that the largest crypto fund in South East Asia Signum Capital is an investor in RockX.
John Ng Pangilinan, the Managing Partner of Signum Capital, said that RockX is doing more than simply safeguarding the Polkadot network as a node operator.
Thus, Pangilinan concluded:
“RockX is taking a step further to help blockchains grow by leveraging its technical capabilities and investor networks. This will set up a new collaborative model for the industry.”
Source: Cointelegraph