Parity Technologies Receives a $5 Million Grant from the Ethereum Foundation

A U.K.-based company, Parity Technologies, has received a $5 million grant from the Ethereum Foundation, according to a publication on the official Ethereum blog.

According to the post from Jan. 7, the funding should be considered a scalability, usability and security grant. It will be used to further the work of Parity on Casper, a proof-of-stake protocol upgrade, sharding, light clients, developer tools, QA, audits and infrastructure improvements. The post further reads:

We have been delighted to see our ecosystem rally around and support technical merit and value alignment, and we are devoted to using our resources to further this mission too. We do so responsibly through milestone-based grants to projects, both large and small, commensurate with the potential impact of their work.

The Monday post mentioned that funding will come in stages, with the first of which supports development that Parity has already completed. The rest will be handed over upon reaching explicit milestones, such as the completion of eWasm compatibility work, a light wallet for the mainnet, and the successful completion of the first two phases of sharding.

Parity Technologies is an infrastructure and innovation focused company building platforms and applications, co-founded by former Ethereum Foundation security chief Jutta Steiner. It is mostly well known for their ethereum client, Parity Ethereum.

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