Aug 16, 2017

Blockstack debuts $25 million fund to invest in blockchain apps

Kia Kokalitcheva

BTC Keychain / Flickr CC

Blockstack, which provides a platform for creating blockchain applications, today revealed a $25 million investment fund to back development teams utilizing its technology. This is similar to what we've seen in other industries, by companies like Slack and Twilio.

Why it matters: While values like democracy and decentralization are popular within the digital currency community, Blockstack's fund is a reminder that traditional investors will maintain a funding role within the industry.

The fund: Blockstack's fund will invest in young teams of developers that are building apps using its platform and tools, though Blockstack will merely be making introductions to its partner VCs—it hasn't raised a fund of its own. "It's just a natural extension to take some of the most promising teams that we see" and provide them financial resources to become full-fledged startups, Blockstack co-founder Ryan Shea told Axios.

Five investors will provide the funds: Version One, Lux Capital, OpenOcean, Rising Tide, and Compound.

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Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 p.m. ET: 566,269 — Total deaths: 25,423 — Total recoveries: 127,768.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 1 p.m. ET: 92,932 — Total deaths: 1,380 — Total recoveries: 812.
  3. Federal government latest: Trump blasts Rep. Thomas Massie (R-Ky.) after a report that the congressman could delay passage of Congress' $2 trillion stimulus.
  4. State updates: Second wave of cities, including Boston, Detroit, New Orleans and Philadelphia, see increases and could become hot spots.
  5. Tech latest: Google will give $800 million in cash and ads, the largest donation by a tech company, to help stem spread of coronavirus.
  6. World updates: Italy reported 969 coronavirus deaths on Friday, the country's deadliest day.
  7. What should I do? Answers about the virus from Axios experts — What to know about social distancing.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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