Blockchain developer platform Alchemy is unveiling a $25 million grant program to support Web3 developers and startups.
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Alchemy will open applications for up to $50,000 on Monday, and funds will be issued in mid-July. With the recent crash in crypto prices, Alchemy expects the slump to benefit Web3 projects as they continue to flourish.
Paul Almasi, Head of Ecosystem Development of Alchemy, stated that they believed in their responsibility to inform everyone about the new technology, as well as bringing new developers within the ecosystem.
Almasi further stated that they hope to finance projects committed to increasing the utility of NFTs and making DeFi more accessible to institutions and at-home traders.
Alchemy plans to finance the grants program out of pocket to control the allocation of funds. Alchemy, fundraised $200M in a funding round in February that valued the company at $10.2B.