On 1st June 2018, Block.one, the developer of the progressive EOSIO blockchain protocol announced a collaboration with SVK Crypto, an industry-leading, London-based blockchain technologies investor. The partnership will see them roll out a new US $50 million fund that will be used to hasten the growth and development of EOSIO blockchain ecosystem.
The press release by the two firms says that the the fund will be managed by SVK Crypto and will be led by the company’s co-founders, Hugh Cochrane and Shane Kehoe – who have more than 20 years of experience investing in tech startups and other enterprises.
The fund will invest in projects that are being developed on the EOSIO blockchain platform, with a keen focus on decentralized applications (DAPPs) for social media, data ownership, data control, technology platforms, supply chains and logistics. The funding will comprise of established and upcoming blockchain-based firms that are exploring EOSIO, or those that are building software on the platform.
According to Cochrane, Block.one has developed a very powerful infrastructure for decentralized applications and is the most forward-thinking company driving growth in the blockchain space hence the reason for the partnership. Cochrane explained:
SVK Crypto is thrilled to partner with Block.one to establish a fund that enables developers to thrive. We look forward to helping to produce innovative game-changing DAPPs in the coming months and years.
Block.one CEO Brendan Blumer was full of praise for the partnership, terming it a positive step towards enhancing the impact of the EOSIO developer ecosystem. Blumer said that the partnership will help in identification and enhancing projects that are building a decentralized, open future. Blumer explained:
This fund gives blockchain entrepreneurs and innovators reason to be excited about developing on EOSIO,
Commitment to Invest US $1 Billion
The announcement of the partnership between the two companies follows Block.one’s December 2017 commitment to invest over US$1 billion in businesses leveraging the transformative capabilities of the EOSIO software through EOS VC. The fund is the fifth injection of capital through Block.one’s EOS VC.
Block.one’s EOS VC projects comprises of different partnerships. The firm has partnered with Tomorrow Blockchain Opportunities to create a US$50 million fund managed by Derek Rundell, a managing partner of Eric Schmidt’s venture firm, Tomorrow Ventures. Block.one has also partnered with with Mike Novogratz’s Galaxy Digital LP to create the US$325 million EOSIO Ecosystem. The firm has also partnered with FinLab AG to create US$100 million that focuses on startups within Europe. Finally, they have partnered with industry specialists Michael Cao and Winnie Liu to create a US$200 million fund to make strategic investments in Asia-focused EOSIO projects.
What’s your take on BloBlock.one And SVK Crypto’s partnership? Share with us in the comments section.