RockX to Provide $500K Funding to Projects Building on Polkadot; $20 Million in Total
RockX, a digital asset development company, has announced a $20 million investment program for the Polkadot ecosystem over the next five years. The $20 million investment boost will be capped at $500,000 worth of native DOT token per project. In return, the RockX company would receive equity in the project or tokens worth the same value.
Alex Lam, the co-founder of RockX, who also runs a Bitcoin mining farm by the name of RockMiner, revealed that the funding for the Polkadot project was launched after receiving financial aid from several investors who like to remain anonymous. Lam revealed that most of these investors are big-time DOT token holders and Ethereum proponents. Lam said,
“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.”
Investors Won't Influence Any Projects
RockX co-founder revealed that despite the investment that these anonymous investors are making, they would have no say in which projects get the grant and how much they would receive. The RockX team would solely make the decision.
Apart from the $500k maximum cap for each project, RockX could also grant a ‘no-string-attached' kind of funding to independent projects as well.
The $20 million investment grant also comes just weeks after Polkadot established its treasury. Although the investment grant has nothing to do with the treasury, both of them share a similar goal of boosting and expanding the Polkadot ecosystem while helping projects to grow and build decentralized useful products for mass consumption.
Signum Capital, one of the largest crypto funds in South East Asia and an investor in the RockX project, was all praises for RockX and its latest initiative. John Ng Pangilinan, the Managing Partner for Signum Capital, said,
“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.”