Crypto.com to Launch EVM Blockchain Capabilities and CRO EVM Fund

The new features will help smart contracts and applications from other blockchains to move to the Crypto.org ecosystem.

Crypto.com to Launch EVM Blockchain Capabilities and CRO EVM Fund

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 has 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 go live on the Crypto.org blockchain on July 14 of this year. The statement noted:- “EVM support will be implemented as a sidechain.”

Crypto.com is currently a well-known entity in the crypto space, with CRO assets ranked 39th on CoinMarketCap as of the time of this article. crypto.com launched its Crypto.org blockchain mainnet in March 2021.

By bringing EVM to the Crypto.org Chain, the company hopes to give its blockchain greater flexibility within the larger crypto ecosystem. in a public statement, Crypto.com CEO and co-founder Kris Marszalek said:- “EVM support will allow other on-chain applications to enable simple transfers, driving exponential growth in the Crypto.org ecosystem. crypto.org is a fully decentralized, open source public chain with fast and extremely low transaction fees.”

In addition to announcing the upcoming EVM feature, the announcement details new funding sources for industry startups. the CRO EVM Fund will target early-stage projects developing on the Crypto.org blockchain, looking to provide substantial funding to 100 projects to help them grow, led by Particle B, a venture capital gas pedal. Startups can receive up to $1 million from the fund.

“EVM support makes it super easy to launch projects,” said Gary Or, founder of Particle B, in a statement.

“Projects can count on us for much more than initial funding. As a founder and Chief Technology Officer, I have a deep understanding of the need for ongoing support for startups. We will be working closely with our portfolio companies to connect and build the Crypto.org Chain ecosystem.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/crypto-com-to-launch-evm-blockchain-capabilities-and-cro-evm-fund/
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