From Nasdaq:

The decentralized, Ethereum-based crowdfunding project, Gitcoin, is overhauling its operating structure. It is ending its layer 2, the Public Goods Network, and shifting focus to supporting technology development through grants. The project is adopting a more capitalistic approach and is investing in for-profit projects and various DeFi yield strategies.

Gitcoin’s executive director, Kyle Weiss, has emphasized the importance of building in profitability for sustainability while still aiming to fund public goods. The project is revamping its operations and granting more decision-making power to key team members. The organization is aiming to distribute over $1 billion in funding and has donated over $56 million to date through its Grants program.

Despite its revamp, Gitcoin is looking to maintain its credibility and neutrality in the cryptocurrency space. The organization is aiming to evolve as the underlying infrastructure for all grants being distributed within the ecosystem. The project is still laser-focused on directing funds towards projects that meaningfully advance the crypto industry.



Read more: Why Crypto’s Most Altruistic Project Is Going (Kinda) Corporate