ConsenSys grants $175K to ethereum-based startups, now accepting another round of projects

Venture studio Consensys has granted $175,000 to support seven Ethereum-based projects.

According to CoinDesk, the startups that will receive cash funding include ethereum software client Lighthouse, decentralized oracle network for open finance Tellor, mobile decentralized app maker Alice, among others.

Since February, Consensys has been funding what it considers are promising blockchain-based projects. It has already allocated $330,000 on 15 startups since launching.

“In Wave 1, we saw a lot of applications but they weren’t super strong. In Wave 2, we started to see more credible teams and more unique ideas come to the table,” Yadira Blocker, the firm’s head of experiential marketing, told the news outlet.

Meanwhile, Daniela Osorio, the company’s marketing director, said the initiative intends to support under-resourced developments that are deemed vital to the ethereum ecosystem, although not essentially profitable.

“It comes down to this theory of the ‘tragedy of the commons.’ We all need certain pieces to work for everyone else to build something potentially more profitable on top,” she said.

Meanwhile, ConsenSys has started receiving applications for the third wave since September, with a remaining $220,000 left to give away.

Last month, ConsenSys launched a new product suite called Codefi, which comprises an “operating system” that will help enterprises and consumers maximize the benefit from profound digital transformation in commerce and finance.

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