In the coming months, Crypto.com’s blockchain will allow Ethereum-based projects to be transferred to its ecosystem through Ethereum Virtual Machine (EVM) compatibility. The company also announced a related fund to support its projects of interest.
According to a public statement provided by the company to Cointelegraph on Friday, this EVM feature will be launched on the Crypto.org blockchain on July 14 this year. The statement stated: “EVM support will be implemented as a side chain.”
Crypto.com is currently a well-known entity in the crypto field. As of the publication of this article, its CRO assets are ranked 39th on CoinMarketCap. Crypto.com launched its Crypto.org blockchain mainnet in March 2021.
By introducing EVM into the Crypto.org Chain, the company hopes to give its blockchain greater flexibility in a larger crypto ecosystem. Kris Marszalek, CEO and co-founder of Crypto.com, said in a public statement: “EVM support will allow simple transfer of applications on other chains and promote the exponential growth of the Crypto.org ecosystem. Crypto.org is a Fully decentralized open source public chain, fast transaction speed and extremely low cost.”
In addition to announcing the upcoming EVM function, the statement also detailed new sources of funding for industry start-ups. The CRO EVM Fund will target early projects developed on the Crypto.org blockchain, hoping to provide a large amount of funds for 100 projects to help their development. The fund is led by the venture capital accelerator Particle B. Start-ups can receive up to $1 million from the fund.
Particle B founder Gary Or said in the statement: “EVM support makes the launch of the project super easy.”
“Projects can rely on us to get much more funding than the initial funding. As a founder and CTO, I have a deep understanding of the need for continued support for startups. We will work closely with our portfolio companies to connect together And build the Crypto.org Chain ecosystem.”
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.