In the coming months, projects based on Ethereum can be transferred to the ecosystem with the Crypto.com blockchain through compatibility with the Ethereum Virtual Machine (EVM). The company also presented a corresponding fund to promote interested projects.
According to a public statement by the company made available to Cointelegraph on Friday, the EVM feature will be activated on the Crypto.org blockchain on July 14th this year. “EVM support is implemented as a sidechain,” the statement said.
Crypto.com is currently a notable entity in the crypto space. Its CRO asset is among the top 50 crypto assets by market capitalization on CoinMarketCap., at the end of this issue. Crypto.com went online with its Crypto.org blockchain mainnet in March 2021.
By adding EVM to the Crypto.org chain, the company hopes to add greater versatility to its blockchain within the larger crypto ecosystem. “The support of EVM enables the easy migration of applications from other chains and drives the exponential growth of the ecosystem for Crypto.org, a completely decentralized public open source chain with high speed and extremely low fees.”said Crypto.com CEO and Co-Founder, said Kris Marszalek in the public statement.
In addition to the announcement of the upcoming EVM functionality A new source of funding for new businesses in the industry was also unveiled. the statement details. The so-called CRO EVM Fund is aimed at early-stage projects being developed on the Crypto.org blockchain.. The fund seeks to raise 100 projects of significant capital to support their efforts and is led by Particle B, a startup accelerator. Startups can receive a maximum of $ 1 million from the fund.
“The support from EVM makes it very easy to get started,” Particle B Founder Gary Or said in the statement, adding:
“Projects can rely on us for much more than just seed capital. As a founder and CTO, I have a deep understanding of the ongoing support needs of startups. We will work closely with the companies in our portfolio as we connect and build the Crypto.org chain ecosystem. “