HomeIndustry and AdoptionCrossFi Foundation Launches $50 Million Grants for Ecosystem Development

CrossFi Foundation Launches $50 Million Grants for Ecosystem Development

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CrossFi Foundation, a non-commercial organization standing behind the Cross Finance ecosystem, launched a grant program for all users, including creators, distributors, developers and common active users. The program encompasses grants worth $50 million in total for the development and nurturing of financial products and solutions built on CrossFi blockchain. All grants will be distributed in two CrossFi Chain’s native coins, XFI and MPX.

The initiative is set to propel the growth of the ecosystem and encourage its community to actively contribute to the expansion of the blockchain industry in the world.

Cross Finance is an ecosystem of products aimed at bridging the gap between decentralized assets and traditional finance. Its flagship service is CrossFi APP, a full-fledged mobile banking app which supports both crypto and fiat currencies and offers cross-border payment, banking cards, fiat accounts, cross-chain transfers. The app employs a non-custodial method for interacting with digital assets. The Cross Finance ecosystem comprises also CrossFi Chain, a decentralized network with a modular architecture based on the Byzantine Fault Tolerant (BFT) consensus protocol Tendermint. The blockchain uses two coins, with XFI serving as a medium of exchange, while MPX acting as the unit of minting power to generate XFI.

The CrossFi Foundation’s grant program offers four types of participation:

Grants for Users are meant for those who actively engage with the network, test services, take part in Gleam activities, engage in transactions on the CrossFi Chain helping make it more effective and robust. Creators, bloggers and distributors may apply for grants as ambassadors. This initiative requires production of original content about Cross Finance products and sharing news on ecosystem’s recent updates in ambassador’s blogs and channels on social media. Grants for developers empower individuals and teams to contribute to Cross Finance growth and expansion. Developers may present their ideas, join hackathons, launch ready-to-go solutions on the CrossFi Chain or receive support for the development of their MVP or concept. All products need to be developed on the CrossFi Chain. Finally, the grant program empowers validators who set up a node on the CrossFi mainnet for their vital role in creating a decentralized, robust and secure network.

Applications are submitted on the CrossFi Foundation official website. All appliers will be evaluated based on a range of factors, including their ability to contribute to the ecosystem growth, software product readiness stage, promotion effectiveness, etc.

On November 2, marking the launch of its large-scale grant program, the CrossFi Foundation gave start to an airdrop of $100,000 in MPX coins. To take part in it, users need to make the following steps: go to the airdrop Taplink, complete all tasks, visit the XFI console to create a wallet and fill in the Airdrop form. Results are scheduled to be announced on December 2, 2023. During November, CrossFi Foundation will launch the remaining programs for ambassadors, developers, and validators.

As a non-profit organization, CrossFi Foundation is dedicated to enhancing the blockchain and cryptocurrency industry in order to uplift the current landscape of financial tools making them more accessible to everyone.

 

 

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