Kraken-backed Nibiru Chain allocates $15m in NIBI tokens to boost developer activity

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Nibiru Chain, the smart contract platform, announced a funding program worth $15 million in NIBI tokens to support its community of developers.

HashKey Capital and Kraken Ventures support Nibiru Chain, a proof-of-stake blockchain. They have set aside $15 million worth of NIBI tokens as part of an initiative called Nibiru Builder Grants. Intended to boost their developer community, this grant represents approximately 2.5% of the total token supply. (Paraphrased)

Erick Pinos, the ecosystem lead at Nibiru Chain, explained that the grant will enhance existing collaborations and provide access to advisors, industry professionals, and skilled developers as additional support. In response to this move, Jonathan Chang, Nibiru’s COO, shared with crypto.news their goal is to make it easier for individuals without conventional venture capital funding to participate.

“Nibiru’s grant program is anticipated to foster additional expansion in the tokenization of real-world assets (RWA), with initiatives such as Coded Estate leading the way in making the real estate market more accessible through blockchain technology. Additionally, the realm of on-chain gaming is seeing development from platforms like IntoTheVerse and Chess3 on Nibiru.”

Nibiru goes beyond just launching the initiative; they intend to organize several hackathons with potential prizes worth up to $100,000 each event. Moreover, Nibiru aims to attract more developers by implementing a system where creators of blockchain projects can earn a share of transaction fees whenever their smart contracts are used on the Nibiru Chain network.

After the unveiling of the new project, the native token of Nibiru, NIBI, experienced a significant increase of more than 4%, peaking at a price of $0.34 based on information from CoinGecko.

Established in the year 2022, Nibiru Chain has managed to raise millions of dollars in investments, thereby boosting its estimated worth to approximately $100 million. This promising blockchain project enjoys the support of notable investors such as Tribe Capital, Kraken Ventures, HashKey Capital, Republic Capital, NGC Ventures, and Original Capital, among others.

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2024-04-19 12:26