Blockchain

Crypto.com introduces EVM blockchain functionality as well as a related fund

The new features would aid in the migration of smart contracts and applications from other blockchains to the Crypto.org ecosystem.

In the coming months, Crypto.com’s blockchain will enable Ethereum-based projects to migrate to its ecosystem through Ethereum Virtual Machine, or EVM, compatibility. In addition, the organization announced a related fund to support exciting projects.

According to a public statement issued by the company on Friday and obtained by Cointelegraph, the EVM functionality will be available on the Crypto.org blockchain on July 14 of this year.

“EVM support will be implemented as a side-chain,”

the statement noted.

Crypto.com is a prominent company in the crypto space right now, with its CRO asset ranking among the top 50 crypto assets by market cap on CoinMarketCap at the time of publishing. In March 2021, Crypto.com launched the Crypto.org blockchain mainnet.

By incorporating EVM into Crypto.org Chain, the company aims to increase the flexibility of its blockchain within the broader crypto ecosystem. EVM support would allow easy porting of apps from other chains, resulting in exponential ecosystem growth for Crypto.org, a completely decentralized, open-source, public chain with high speed and incredibly low fees Crypto.com’s CEO and co-founder, Kris Marszalek, in a public statement.

In addition to publicizing the forthcoming EVM features, the statement revealed a new funding source for industry startups. It will be known as the CRO EVM Fund, and it will be targeted at early-stage projects on the Crypto.org blockchain. The fund led by Particle B, a startup accelerator, aims to provide substantial funding to 100 ventures. The fund will provide a maximum of $1 million to startups.

Particle B’s creator, Gary Or, said in a statement that EVM support makes it super easy to start.

“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.”

By incorporating EVM into Crypto.org Chain, the company aims to increase the flexibility of its blockchain within the broader crypto ecosystem. EVM support would allow easy porting of apps from other chains, resulting in exponential ecosystem growth for Crypto.org, a completely decentralized, open-source, public chain with high speed and incredibly low fees Crypto.com’s CEO and co-founder, Kris Marszalek, in a public statement.

Source: https://coindesk-news.com/2021/05/08/crypto-com-introduces-evm-blockchain-functionality-as-well-as-a-related-fund/

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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