Block.one, the developer behind the decentralized blockchain software EOS.IO, and Galaxy Digital LP, a full service, digital assets merchant bank, today announced the formation and capitalization of a joint venture that is focused on developing the EOS.IO ecosystem and making strategic investments in projects that utilize EOS.IO blockchain software.
As part of the new relationship, Block.one and Galaxy Digital will deploy capital for future investments through the capitalization of a new $325 million EOS.IO Ecosystem Fund.
This is the second EOS.IO fund formed through the EOS.IO VC partnership program and comes on the back of last week’s announcement with TomorrowBlockchain Opportunities, managed by Derek Rundell of Eric Schmidt’s TomorrowVentures. Block.one has made an initial commitment to deploy $1 billion in partnership with leading venture capital investors to support the development of the EOS.IO software.
Sam Englebardt, Head of Strategic Partnerships at Galaxy Digital, said: “With so many new blockchain projects, it can be difficult to ascertain which ones will emerge as market leaders. However, we believe EOS.IO is one of them. The Block.one team and the EOS.IO community are introducing the first scalable infrastructure to enable mainstream blockchain adoption and we are excited to be at the forefront of such a transformative initiative which we anticipate will drive positive change in the digital assets space.”
Mike Novogratz, CEO of Galaxy Digital, added: “EOS.IO is designed to enable new community-driven business models capable of disrupting the world’s largest technology incumbents. This milestone represents Galaxy Digital and Block.one’s joint commitment to investing in that future.”
Brendan Blumer, CEO of Block.one, commented: “Mike Novogratz and the team at Galaxy Digital are leading advocates for blockchain adoption and share our belief that this software fundamentally expands the capabilities of blockchain technology. We are excited to add Galaxy to the list of industry leaders driving EOS.IO innovation and expect this partnership to serve as an enormous catalyst for ecosystem growth.”
The EOS.IO VC program offers developers and entrepreneurs the funding they need to create community-driven businesses leveraging EOS.IO software. Enquire at vc@block.one to learn more.
EOS.IO software introduces a blockchain architecture designed to enable horizontal scaling of decentralized applications. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.