[Funding alert] Switzerland-based Web3 Foundation Launches $45M in Funding

The program will provide funding to kickstart teams and individuals building ambitious projects that contribute to the growth of the Polkadot ecosystem and is backed by 20M USD and 5M DOT throughout 2024, equivalent to over $45M USD.

Read also -  Denmark-based Biotechnology Company NMD Pharma Secures €75M in Series B Round Funding

The Decentralized Futures Program is part of Web3 Foundation’s mission to empower the Polkadot community to lead the decentralized development of the Polkadot ecosystem.

Speaking on the launch of the program, CEO of Web3 Foundation, Fabian Gompf said, “The Foundation believes its strongest asset is the community itself. The Decentralized Futures Program doubles down on this belief, allocating sizeable investments and grants that can accelerate the growth of decentralized technologies. By empowering our community to lead the next phase of the development of Polkadot we are tapping into the diverse capabilities of our community, and moving away from centralized stewardship of the protocol. In doing so, the program represents a meaningful step closer to realizing the fundamental vision of the Foundation: creating a decentralized internet where users control their own data, identity and destiny.”

David Hawig, Technical Advisor at Web3 Foundation said, “We see decentralized governance and leadership as a core value of web3 and Polkadot. The Decentralized Futures Program reaffirms that commitment, building on the success of the Web3 Foundation’s Grant program which – as of September 20th, 2023 – has processed 1,000 payments in grants funding.”

The launch of the Decentralized Future Program follows the recent appointment of Fabian Gompf as CEO of the Web3 Foundation. Prior to his role as CEO of the Foundation, Fabian served as a member of the Foundation’s Council.

Read also - Tallinn-based Deeptech become Cleantech Startup Efenco Secures €4.5 Million in Funding

Until 2022, he served as VP of Ecosystem Development at Parity Technologies, where he played a crucial role in building and launching the Polkadot network.

About Web3 Foundation

Web3 Foundation is a not-for-profit organization that supports Web3 teams and open-source projects through funding, advocacy, research and collaboration.

Read also - Amsterdam-based Grocery App Crisp Secures €35 Million in Funding

It was founded in 2017 by Ethereum co-founder and former chief technology officer Dr. Gavin Wood. Polkadot is the Foundation's flagship project.