CrossFi Foundation announces a multi-million grant program for ecosystem development. The program will award $50 million in XFI and MPX, CrossFi’s native coins, to users, node validators, developers and all those taking part in ecosystem’s growth. With a focus on supporting the Cross Finance ecosystem, this initiative is set to empower various users to support the development of financial products and solutions built on CrossFi blockchain.
CrossFi Foundation is a non-commercial organization standing behind Cross Finance, an ecosystem of products aimed at bridging the gap between the world of decentralized assets and traditional finance. Cross Finance’s products encompass a wide range of services, such as cross-border payment, banking cards, fiat accounts, cross-chain transfers, staking , and support both crypto and fiat currencies.
The grant program comprises four key directions, with a total budget of $50 million:
- Grants for Users: This component is designed to incentivize and reward active users who engage with CrossFi solutions. Users can participate by subscribing to CrossFi’s social network accounts, participating in Zealy and Gleam campaigns, and testing the CrossFi Chain. Participants will have the opportunity to receive incentives and airdrops, encouraging wider adoption and interaction within the Cross Finance ecosystem.
- Grants for Ambassadors: Recognizing the pivotal role of creators, bloggers and distributors in spreading awareness about CrossFi solutions and technologies, this component encourages individuals to spread the word about Cross Finance, contributing to its growth and recognition.
- Grants for Developers: The CrossFi Foundation aims to nurture innovation by supporting those who are building tools, services, and decentralized applications (dApps) on the CrossFi EVM-compatible blockchain. This initiative welcomes both fully developed products and innovative concepts, providing opportunities for developers to turn their ideas into reality within the Cross Finance ecosystem.
- Grants for Validators: In line with CrossFi’s commitment to decentralization and security, this component promotes user participation in supporting the test and main networks to ensure their ongoing stability and robustness. Validators play a crucial role in reinforcing the security of CrossFi’s blockchain technology.
As part of the grant program for users, the CrossFi Foundation launched an airdrop of $100,000 in MPX coins. To take part in it, users need to make the following steps: go to the airdrop Taplink, complete all tasks, visit the XFI console to create a wallet and fill in the Airdrop form.
Results will be announced on December 2, 2023. During November, CrossFi Foundation will launch the remaining programs for ambassadors, developers, and validators.
According to the spokesperson for the CrossFi Foundation, the grant program is aimed at motivating all users to experiment with CrossFi solutions and take an active role in the growing ecosystem of Cross Finance products.
Applications are submitted on the CrossFi Foundation official website. All appliers will be evaluated based on a range of factors, including their ability to contribute to the ecosystem growth, software product readiness stage, promotion effectiveness, etc.
Through this grant program, the CrossFi Foundation aims to encourage innovation, nurture a diverse community, and facilitate the integration of traditional finance and cryptocurrencies within the world of blockchain technology. The $50 million investment signifies a notable stride toward achieving this goal, fostering an ecosystem where individuals from various backgrounds can actively participate and make contributions to the blockchain industry.
The Cross Finance ecosystem comprises several integral components, including CrossFi Chain, a decentralized network with a modular architecture based on the Byzantine Fault Tolerant (BFT) consensus protocol Tendermint. The blockchain uses two coins, with XFI serving as a medium of exchange, while MPX acting as the unit of minting power to generate XFI. CrossFi APP, a full-fledged banking app, is the flagship product of the Cross Finance ecosystem. It bridges the gap between crypto and fiat, enabling easy management of fiat and cryptocurrency in one app. The app employs a non-custodial method for interacting with digital assets, thus revealing its commitment to the fundamental ideas of decentralization.
The CrossFi Foundation, as a self-regulating non-profit organization, plays a pivotal role in expanding the Cross Finance ecosystem through grant programs. The foundation’s core mission revolves around providing support to all active users who are keen to contribute to the growth of the Cross Finance ecosystem.
