Mobile-first blockchain Pi Network has launched a $100 million fund to invest in initiatives constructed on its infrastructure.
According to a May 14 announcement, the Pi Foundation is launching Pi Network Ventures with an preliminary funding of $100 million in Pi (PI) tokens and US {dollars}. The fund will invest in startups and companies building on Pi Network or contributing to its broader ecosystem.
“This strategic program intends to invest in high-quality startups and corporations throughout sectors, driving innovation and ecosystem progress,” Pi Network mentioned in an X put up.
The Pi Foundation, the group behind Pi Network, is described as an “ownerless” entity centered on supporting long-term ecosystem improvement. The basis mentioned the brand new enterprise fund will draw from the ten% of Pi tokens reserved for ecosystem initiatives.
Pi Network had not responded to Cointelegraph’s request for remark by publication.
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What is Pi Network Ventures?
Pi Network Ventures is tasked with growing Pi’s utility by investing in startups and companies that combine it into services and products. The new group will try to convey extra apps, transactions and corporations into the community whereas growing new use instances:
“By aligning incentives and offering sources to high-potential founders, startups and corporations, this initiative goals to create a suggestions loop of innovation and adoption.“
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Pi Network Ventures’ technique
Per the announcement, Pi Network Ventures plans to invest in startups from the early levels to Series B funding rounds and past. The hope is that such an method permits entry to high-potential innovators whereas additionally serving to scale confirmed companies.
Pi Network Ventures claims to differ from different crypto ecosystem applications in its focus and processes. The announcement mentioned the corporate goals not to restrict itself to crypto investments however to additionally fund common expertise sectors, together with generative AI and AI functions, fintech, embedded funds, e-commerce platforms, marketplaces, social networks and real-world client and enterprise functions.
Another claimed distinction is that the funding fund goals to act like conventional Silicon Valley enterprise capital corporations. This will reportedly be primarily seen in the sourcing, choice and vetting course of, which goals to “determine and assist high-impact and disruptive startups and companies.”
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