ConsenSys Spreads Over $1.2 Million into Seven Different Ethereum Projects

The prominent Ethereum venture studio ConsenSys recently gave out $175,000 USD in grants to seven different companies that were developing open source projects based on the Ethereum blockchain.

According to the official announcement, the project will include Tellor (an oracle network), Alice (decentralized app creator tool), Lighthouse (ETH-based software client) and several other companies.

Yadira Blocker, the head of experimental marketing at the company, affirmed that the new wave of grants saw companies that were much stronger than the prior ones. Teams were really credible and brought something interesting to the table instead of only having enthusiasm.

So far, 150 applications were received by ConsenSys’ grants program. From all these projects, only 15 (seven now and eight in the last phase) were chosen. Now, the third phase for applicants will happen soon. The applicants will receive $220,000 USD from the upcoming wave of grants.

According to Daniela Osorio, the marketing director of the company, the main goal of the grants are to support areas of Ethereum-based development that do not receive the same amount of attention from large investors. While some areas receive most of the funds because of their disruptive potential, there are some projects which are just as interesting but are often overlooked.

She affirms that a great way to find interesting companies is to go to venture capital funds and then ask them what great teams they could not actually justify funding. This is the kind of team that ConsenSys wants to find, companies that have potential, but would not receive investments otherwise.