The Cosmos Interchain Foundation will invest $40M in ecosystem development in 2023

Projects like the Interchain Development academy and the Interchain Builders Program are being funded by the ICF to increase Cosmos’s adoption and use cases.

The Interchain Foundation (ICF), a nonprofit group responsible for developing the Cosmos inter blockchain communications (IBC) ecosystem, has announced that it will spend around $40 million in 2023 on the project’s foundational infrastructure and related applications. This news was shared in a Medium post published on February 20.

During the course of the year, we want to bring in more groups to carry out specific, narrowly defined duties within each functional area. These contracts will be used to support the below-mentioned teams and their ongoing projects or to meet the mentioned teams’ temporary demands throughout the year.

The ICF is also helping to fund the development of CosmWasm and Ethermint, which the company calls the “foundations of smart contract and Ethereum Virtual Machine (EVM) compatible blockchains.”

The ICF will support initiatives that promote Cosmos’ adoption and use cases in addition to its basic infrastructure. Integrating with other blockchain technologies like Polkadot and Hyper Ledger is also part of Interchain’s suite of developer tools. Other tools include the Interchain Developer academy, the Cosmos Developer Portal, and the Interchain Builders Program.

The ICF has also announced that it would resume accepting public applications for its Small Grants Program in 2023 after temporarily closing the program last year owing to a “substantial backlog of submissions.”

When it finally opens, teams will be encouraged to seek out the Builders Program for non-financial mentoring and assistance. The initial advice from the ICF is for developers to use the ATOM delegation program to get access to award points for their contributions.

Also Read: Investors Using Deutsche Bank’s Tokenized Platform May Rest Easy Now

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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