EVM blockchain functionality and related fund unveiled by Crypto.com

EVM blockchain functionality and related fund unveiled by Crypto.com

Projects built on Ethereum transfer over to its ecosystem via Ethereum Virtual Machine, or EVM, compatibility, will be allowed in the coming months by Crypto.com’s blockchain.

In order to bolder interested projects, a related fund was unveiled by the company.

The EVM feature goes live on the Crypto.org blockchain on July 14 of this year. “EVM support will be implemented as a side-chain,” according to a Friday public statement from the company provided to Cointelegraph

However, with its CRO asset ranked amid the top 50 crypto assets by market cap on CoinMarketCap, Crypto.com is currently a notable entity in the crypto space. Also, with its Crypto.org blockchain mainnet in March 2021, Crypto.com went live

The company hopes to give its blockchain greater versatility within the larger crypto ecosystem, by bringing EVM to Crypto.org Chain

Porting of apps from other chains, driving exponential ecosystem growth for Crypto.org, a fully decentralized, open-source, public chain with high speed and extremely low fees, will be allowed by EVM support according to Kris Marszalek, the CEO and founder of Crypto.com’s blockchain

In addition to publicizing the upcoming EVM functionality, a new source of funding for industry startups was also unveiled, the statement detailed. Called the CRO EVM Fund, it will be aimed at early-stage projects developing on the Crypto.org blockchain. The fund looks to give 100 projects significant capital to help with their endeavors, and is headed up by Particle B — a startup accelerator. Startups can receive a maximum of $1 million from the fund.

“EVM support makes it super easy to launch,” Particle B’s founder, Gary Or, said in the statement, adding:

“Projects can count on us for much more than the initial funding. As a founder and CTO, I have a deep understanding of the ongoing support startups need. We will collaborate closely with our portfolio companies as we connect and build the Crypto.org Chain ecosystem together.”

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