Tezos Foundation Sets $50M Venture Fund

Announcements, Blockchain, ICO News, Investing, News | August 14, 2017 By:

The Tezos Foundation, the non-profit that oversees the Tezos blockchain project, is committing $50 million to venture capital investing, backing companies that are building on its platform.

Last month, Tezos claimed to have netted 65,627 BTC (worth roughly $156m) and 361,122 ETH ($76m). There was no cap on the total amount of tokens sold in the ICO, which began July 1. The amount surpasses Bancor’s June initial coin offering (ICO), which raised $150 million USD and was the biggest ICO to date.

“We are extremely pleased to announce a commitment of $50 million in venture capital funding to companies looking to build on the Tezos platform,” said an unattributed Tezos statement. “This capital will be partially deployed through venture capital partners to be announced, as well as through a direct venture arm. The innovation and growth of the ecosystem is the top priority of the Tezos Foundation.”

The Tezos project has been termed a “self-amending” blockchain, which allows full network changes to be decided at the protocol level by its controllers, who may have differing goals. The decentralized method of instituting the changes is designed to avoid forks in the evolution of blockchains.