ConsenSys plans to spend $2.5 million annually to finance its new fund

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The developer of the crypto wallet MetaMask plans to develop its project aimed at supporting Web developers.

Blockchain company ConsenSys announced thatplans to allocate $2.5 million each year to fund its recently launched MetaMask Grants DAO program, designed to support and develop Web3. The fund will be managed by MetaMask employees, and the DAO will be responsible for issuing grants to developers not affiliated with ConsenSys creating products and services within the MetaMask ecosystem and other projects in Web3.

First, the project will be launched for 12 months, so thatassess viability. The DAO will publicly process votes and suggestions via SnapShot on the Codefi Activate platform. ConsenSys will commit $600,000 per quarter to drive decentralization and the adoption of Web3 engines and business models.

According to the global product managerMetaMask by Taylor Monahan, the project's emphasis on decentralization will not only accelerate adoption among cryptocurrency savvy people, but also among those eyeing the new industry.

The DAO will be based on three components: 

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the first is a fund managed by ConsenSys employees, which will include about 900 people;

the second is a seven-member steering committee responsible for identifying high-potential projects, developing management proposals and updating external content;&nbsp;

the third is a secure multi-signature wallet controlled by ConsenSys.

Previously, MetaMask developers launched
beta version of the Portfolio DApp - a single interface for all assets and user addresses.