Sei Foundation backs new U.S. nonprofit in bid to fuel protocol's adoption and growth

Sei Foundation on Wednesday announced the funding of the Sei Development Foundation, a U.S.-based non-profit focused on growth and awareness of the Sei protocol. To "accelerate crypto innovation for builders in America," this new foundation will open its headquarters in Manhattan, New York.

"With many other international jurisdictions courting crypto builders and innovators, the US still has to catch up with other major hubs in encouraging innovation and attracting talent in the industry, after years of neglect and adversarial relationships in the past," the Sei Foundation said in a release shared with The Block.

Sei is a Layer 1 blockchain that claims to combine the development standard of Ethereum with the performance of Solana. Sei launched its mainnet in 2023 and has since processed billions of transactions across more than 18 million wallets, according to the release. The team is backed by Multicoin, Jump and Coinbase Ventures, among others.

In addition to working directly with builders and founders, the Sei Development Foundation will capitalize on growing optimism from regulators and policymakers to position the U.S. as an attractive hub for crypto entrepreneurship.

"We are excited to see Sei Development Foundation taking center stage amidst this new wave of adoption in the US," said Gerald Gallagher, General Counsel at Sei Labs, Board Director at the Sei Development Foundation. "This is a significant milestone for Sei to continue shaping the decentralized future and driving technological advancement, by making digital assets more accessible to everyone here in the US."

The Sei Foundation will be funding the Sei Development Foundation for at least three years, Gallagher told The Block. 

Sei also recently launched Crypto in America, a weekly podcast and newsletter of conversations with influential policymakers. Also, on March 23, the Sei Foundation said it would explore a takeover of the bankrupt 23andMe.

"At the Sei Development Foundation, we are deeply committed to harnessing transformative technologies and nurturing innovation for the next generation of visionary entrepreneurs," said Justin Barlow, Executive Director at the Sei Development Foundation. "By establishing a strong local presence, we can further this mission while reigniting hope and optimism for crypto founders across the nation."