RockX Launches $20 Million Investment Program To Support Polkadot Ecosystem Over The Next 5 Years
RockX Launches $20 Million Investment Program To Support Polkadot Ecosystem Over The Next 5 Years
September 24, 2020
RockX Launches $20 Million Investment Program To Support Polkadot Ecosystem Over The Next 5 Years
RockX Launches $20 Million Investment Program To Support Polkadot Ecosystem Over The Next 5 Years
September 24, 2020

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.

Lam said that the program is being launched with financial aid from a number of individual investors, who have asked to remain anonymous.

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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.

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.

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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


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.