The Singapore-based developers have created a $15 million fund that assists the development capabilities of projects by blockchain startups
Singapore-based blockchain developers, Building Cities Beyond (BCB), has announced the launch of its BCB Innovation Grant — a fund aimed at ramping up the developers’ ecosystem.
FinTech Singapore reported last week that BCB, which focuses on smart city solutions, is looking to award $15 million worth of grants for blockchain-based projects that are using the BCB protocol. The grant is particularly aimed at funding and encouraging blockchain projects within Asia.
Building Cities Beyond is partnering with the Institute of Blockchain Singapore (IBS) to extend its initiatives and facilities to students and upcoming tech start-ups, the report revealed. The initiative will include access to BCB workshops and facilities to assist and bolster the development capabilities of projects, as well as providing financial assistance.
Targeting up to 1,000 projects in Asia, the move by the firm is expected to cater to the upcoming tech startups in the region and accelerate their progress to help them compete and collaborate with other startups across the world.
The announcement arrives following BCB’s partnerships with leading accelerators to develop selected projects in Southeast Asia, the report said. The Singapore-based company has previously partnered with the Department of Science and Technology in the Philippines, and recently signed a memorandum of understanding with the Access Blockchain Association, which is registered under the Ministry of Home Affairs in Malaysia.
The partnership is intended to identify mature projects and provide them with support for challenges related to funding, technology, working space and business development. This might prove to be key in helping the startup community to relaunch after the pandemic.
BCB is also setting aside $2.8 million of its Innovation Grant to fund projects being developed on its platform. The company hopes that such a move will introduce and encourage more developers to its blockchain protocol.
Douglas Gan, CEO of BCB Blockchain, said “As BCB continues to grow its ecosystem, we realize the vast potential of blockchain technology in everyday applications. We are looking at holistic approaches to support and reach out to existing and upcoming projects on the BCB protocol”.
“The launch of the grant is part of this approach, as we look to support our partners in the midst of a challenging economic climate,” he added.