Grand Cayman, Cayman Islands — (Marketwired — January 23, 2018)
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Block.one, the developer behind the leading blockchain software EOSIO, and Galaxy Digital LP (“Galaxy Digital”), a full service, digital assets merchant bank, today announced the formation and capitalization of a joint venture that is focused on developing the EOSIO ecosystem and making strategic investments in projects that utilize EOSIO blockchain software. As part of the new relationship, Block.one and Galaxy Digital will deploy capital for future investments through the capitalization of a new $325 million EOSIO Ecosystem Fund (the “Fund”).
Sam Englebardt, Head of Strategic Partnerships at Galaxy Digital, said: “With so many new blockchain projects, it can be difficult to ascertain which ones will emerge as market leaders. However, we believe EOSIO is one of them. The Block.one team and the EOSIO community are introducing the first scalable infrastructure to enable mainstream blockchain adoption and we are excited to be at the forefront of such a transformative initiative which we anticipate will drive positive change in the digital assets space.”
Mike Novogratz, CEO of Galaxy Digital, added: “EOSIO is designed to enable new community-driven business models capable of disrupting the world’s largest technology incumbents. This milestone represents Galaxy Digital and Block.one’s joint commitment to investing in that future.”
Brendan Blumer, CEO of Block.one, commented: “Mike Novogratz and the team at Galaxy Digital are leading advocates for blockchain adoption and share our belief that this software fundamentally expands the capabilities of blockchain technology. We are excited to add Galaxy to the list of industry leaders driving EOSIO innovation and expect this partnership to serve as an enormous catalyst for ecosystem growth.”
This is the second EOSIO fund formed through the EOS VC partnership program and comes on the back of last week’s announcement with Tomorrow Blockchain Opportunities, managed by Derek Rundell of Eric Schmidt’s TomorrowVentures. Block.one has made an initial commitment to deploy $1 billion in partnership with leading venture capital investors to support the development of the EOSIO software.
The EOS VC program offers developers and entrepreneurs the funding they need to create community driven businesses leveraging EOSIO software.
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