Cosmos creator Interchain Foundation to invest $40M for ecosystem development
Apart from developing the fundamental infrastructure, the Interchain Foundation will also finance initiatives that promote the adoption and implementation of Cosmos
According to a Medium post by the Interchain Foundation (ICF) on February 20, the nonprofit organisation responsible for creating the Cosmos inter-blockchain communications (IBC) ecosystem has stated its intention to invest approximately $40 million in 2023 towards enhancing its fundamental infrastructure and developing applications.
About 50 blockchains, including Tendermint Core, Cosmos SDK, Cosmos Hub, and the IBC protocol, use the Interchain Stack. Their plan is to involve other teams to work on specific tasks within each area of development throughout the year. These contracts will be to support the work of the mentioned teams or to meet their needs that arise during the year.
The Interchain Foundation is providing support for the advancement of CosmWasm and Ethermint technologies, which are considered as the building blocks of smart contracts and Ethereum Virtual Machine (EVM) compatible blockchains.
Apart from developing the fundamental infrastructure, the Interchain Foundation will also finance initiatives that promote the adoption and implementation of Cosmos. These programs encompass the Interchain Developer Academy, the Cosmos Developer Portal, and the Interchain Builders Program. Furthermore, there will be an integration of Cosmos with other blockchain technologies like Polkadot and Hyper Ledger.