Fireblocks launches $1M grant for PYUSD projects

Digital assets management platform Fireblocks has introduced a $1 million grant program aimed at developers building blockchain-based projects utilising PayPal USD (CRYPTO:PYUSD) stablecoin.  

Eligible projects can receive up to $60,000 in funding, which was announced following a successful beta phase involving payment companies KoraPay and Bridge.  

Ran Goldi, senior vice president of payments and networks at Fireblocks, stated, “Our pilot has already shown the transformative impact PYUSD can have, and we look forward to seeing businesses create real-world use cases that take advantage of what stablecoins can offer.”  

Fireblocks employs multiparty computation (MPC) security technology to provide a secure digital assets custody platform.  

By integrating PYUSD, developers can create secure blockchain-based payment services through Fireblocks’ network suite.  

This combination of cryptographic security and blockchain’s immutable ledger could attract fintech companies focused on security.  

The inclusion of PayPal’s PYUSD, which is backed by a fiat reserve and issued by Paxos, allows developers to merge stablecoin payments with Fireblocks’ robust security to develop comprehensive blockchain payment applications.  

Jose Fernandez da Ponte, senior vice president of blockchain, cryptocurrency, and digital currencies at PayPal, emphasised the potential of stablecoins, declaring them the “killer app for crypto when it comes to payments.”  

At press time, the PayPal USD price was $0.9995.