Stellar Grant Program Will Award ‘Selected’ Participants $2 Mln In Tokens

Stellar has announced it will award partners in its new benefits program up to $2 mln each to develop “high-impact projects.”

Stellar, which has enjoyed a boom in value this year and launched multiple schemes to broaden its user base, made the announcement in a press release Thursday.

The cash lump sum is part of the network’s latest venture dubbed the Stellar Partnership Grant Program. Aimed specifically at projects poised to fill “unmet” needs of the Stellar ecosystem, successful applicants will be in line to receive up to $2 mln in Lumens tokens.

“Stellar is accepting proposals from innovative organizations that are interested in building upon Stellar’s technology to promote global financial access and inclusion,” the press release explains.

“To incentivize our partners and reward network development, we will grant selected partners up to $2,000,000 per grant (paid in XLM) to ensure that they are co-beneficiaries of network growth.”

A multi-year vesting schedule will be in force for grants, Stellar in so doing mimicking token giveaways by upcoming projects such as LakeBanker.

The release continues:

“The goal of this program is to encourage organizations to develop useful and high-impact products and services using Stellar technology, with the primary focus on anchors (both fiat currencies and cryptocurrencies) and exchanges.”

Stellar’s Lumens increased rapidly in May this year to a peak of over $0.05 per coin before dropping back to around $0.02. The figure is still multitudes higher than its prior performance when each token was worth a fraction of a cent.

The same month, it launched, an offshoot operation dedicated to forming and sourcing partnerships.