Watch This Space! $50 Million Venture Funds Available For Blockchain Startups
Good news. Now there are $50 million venture funds available for any startups working with blockchain technology thanks to the Ethereum startup and incubator ConsenSys.
This new fund, named ConsenSys Ventures is being led by investment specialist Kavita Gupta, and ConsenSys founder Joe Lubin (also co-founder of Ethereum) will also be involved.
Gupta has stated that althoughICO’s have proven very successful, there is still a lot to learn from traditional venture capital.
There is still value to due diligence and even if two PhD kids have sold tokens based on a brilliant white paper, they still have to figure out how to deliver a company. That’s not necessarily something they have experience doing.
Gupta, who has won the UN Social Finance innovator Award of the year 2015, says that there are blockchain applications for nearly all of the 17 Sustainable Development Goals adopted by the United Nations. These projects aim to end poverty, guarantee universal education and much more, by 2030.
Gupta is very interested in exploring the good use of vast potential of Blockchain either socially or environmentally. According to ImpactAlpha, the firm employs more than 150 former bankers, management consultants, mathematicians, engineers and techies to support and help develop new services and business models in the blockchain. One of the main firm’s intentions seems to be able to portray how the emerging digital transaction architecture will transform the lives of the world’s poor.