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Asia-based blockchain incubator & private venture capital firm Master Ventures has launched a $30 million Master Ventures Polkadot VC Fund. The fund represents the first of its kind and is positioned to support the projects looking to integrate Polkadot. Also, the fund is to support early-stage ventures on the Polkadot & Kusama ecosystem. The venture capital firm announced the VC fund in a press release on the 2nd of June.
As part of the announcement, Master Ventures revealed that Polkadot and Kusama are working towards launching more than 50 parachains over the next 18 months. A parachain is a blockchain connected to the Polkadot network via a parachain The announcement further stated that the parachain slots would be auctioned and eventually sold to the highest bidders. In addition, the projects must hold either Polkadot’s DOT token or the Kusama coin (KSM), depending on the protocol of use.
Master Ventures declared in a statement:
“Master Ventures intends to capture significant upside opportunity by funding the Parachain bids as well as investing directly into the most promising projects in the evolving Polkadot/Kusama ecosystem.”
The founder and CEO of Master Ventures, Kyle Chasse, noted that the company had examined more than 1,000 projects and at the same time invested in about 100 projects. Chasse said many of these projects have committed to developing on the Polkadot network.
Also, the Master Ventures managing director Orion Depp said that the company would support its investment projects and their founders through its Initial Dex Offering (IDO) platform.
Image Credits: Pixabay
