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Bitcoin Sidechain Announces $4 Million Grant Initiative

Bitcoin Sidechain Announces $4 Million Grant Initiative

It has been announced that Mintlayer, a sidechain that empowers users to establish a decentralized finance (DeFi) ecosystem on the Bitcoin (BTC) blockchain, is presently open to receiving applications for its grants initiative.

The grants will be in $ML tokens, with a total of about $4 million available as of April 5.

The primary aim of the grants initiative is to foster the expansion of the Mintlayer ecosystem by financing the creation of valuable tools and resources.

It is worth mentioning that the decrease in institutional crypto investments during 2022 presents a favorable opportunity for developers.

Enrico Rubbol, CEO of RBB Lab, has emphasized the importance of attracting top-tier teams, projects, and ideas to the Bitcoin ecosystem through Mintlayer. Rubbol believes that these grants guarantee the availability of resources to execute innovative concepts.

It’s important to note that Mintlayer’s L2 blockchain solution opens Bitcoin to DeFi, Smart Contracts, Atomic Swaps, NFTs, and applications.

However, the grants are only intended for projects that would benefit the Mintlayer protocol and not generate any new sources of income.

READ MORE: Hedge Fund Manager Predicts $10 Million Price Bitcoin

Applicants are required to provide a detailed explanation of their project, personal information, and any supporting documentation demonstrating their capacity to complete the project.

They must also provide documentation on their project’s current state of development.

The grant recipients will be selected based on how well their product aligns with Mintlayer’s roadmap. Mintlayer ultimately aims to create a platform for developing DeFi projects with genuine financial applications, laying the foundation for the growth of DeFi initiatives within the Mintlayer community.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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