Source: Cointelegraph
Original article: ( Pi Network launches $100 million fund to support startups and promote blockchain adoption )
Mobile-first blockchain Pi Network launches $100 million fund to invest in projects on its infrastructure.
According to the announcement on May 14, Pi Foundation announced the launch of Pi Network Ventures, with an initial investment of $100 million provided in Pi (PI) tokens and USD. The fund will invest in startups and businesses building on or contributing to the broader ecosystem of Pi Network.
Pi Network stated in an X post: “This strategic plan aims to invest in high-quality startups and enterprises across industries to drive innovation and ecosystem growth.”
The Pi Foundation, the organization behind Pi Network, is described as a 'trustless' entity focused on supporting long-term ecosystem development. The foundation stated that the new venture fund will draw funds from the 10% Pi tokens reserved for ecosystem initiatives.
As of the time of publication, Pi Network has not responded to Cointelegraph's request for comment.
The mission of Pi Network Ventures is to increase the utility of Pi by investing in startups and businesses that integrate Pi into their products and services. The new organization will also attempt to bring more applications, transactions, and companies into the network while developing new use cases.
By adjusting incentives and providing resources for high-potential founders, startups, and businesses, this initiative aims to create a feedback loop of innovation and adoption.
According to the announcement, Pi Network Ventures plans to invest in startups from early stages to Series B funding and beyond. This approach hopes to reach high-potential innovators while helping to scale proven successful businesses.
Pi Network Ventures claims that its focus and processes differ from those of other crypto ecosystem projects. The announcement states that the company aims to invest not only in crypto but also in general technology sectors, including generative artificial intelligence and AI applications, fintech, embedded payments, e-commerce platforms, marketplace platforms, social networks, and real-world consumer and business applications.
Another claimed distinction is that the investment fund aims to operate like traditional Silicon Valley venture capital firms. It is reported that this is primarily reflected in the sourcing, selection, and review processes—its goal is to 'identify and support high-impact and disruptive startups and businesses.'
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