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Blockchain Founders Fund is a venture capital fund supporting the adoption of Web3 and blockchain technologies. He announced the closing of a $75 million fundraiser. This has been done with blockchain companies such as Polygon, Appworks, GSR, LD Capital, Ripple, Octava, NEO Global Capital, Metavest Capital. It even featured people like Sebastian Borge, general manager of The Sandbox.
Blockchain Founders Fund announces on Twitter that it has raised $75 million to encourage mainstream adoption of Web3.
What will the collected 75 million dollars go to?
In the announcement, we were told that the fund would be used primarily to support projects that are at the beginning of their development. Secondly, these should be projects with high potential. Thirdly, first of all, it is necessary to show that they contribute to the mass adoption of Web3 and blockchain. A good hundred startups have already taken advantage of the Blockchain Founders Fund investments. Examples include Krayon, Altered State Machine, Splinterlands, GRID and Magna.
Ali Madhavji is the Managing Partner of the Blockchain Founders Fund. In an interview with Cointelegraph, he said that more than 200 companies could benefit from this fund. The distribution will be implemented gradually over the next 12 months. He insists that the selected companies will have to show that their project has real utility. The organization will carefully review the business plan of each of them to ensure their potential for profitability.
Can Blockchain Founders Fund help with regulators?
It is good for a blockchain business to have money. But if the rules prevent him from playing sports, having millions will not be very useful. To this, Madhavji replies, “We are taking the necessary precautions to manage regulatory uncertainty by staying abreast of emerging trends in blockchain governance as they evolve over time. Finally, we use our industry relationships, including with leading institutions and investors in the field, to help our portfolio companies succeed. »
Blockchain Founders Fund mainly looks for companies with solid projects and tries to stay away from speculative cryptocurrencies. Which do not solve any problem. Will this be enough to appease the SEC, which seems to want to do away with cryptocurrencies?
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SEO web editor specializing in cryptocurrencies, decentralized finance and Web 3, I write engaging and relevant texts. My goal is to democratize the world of cryptography and inform readers about the news in this sector.
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