Morningstar Ventures Commits $15 Million USD To Invest In Projects Building On Elrond Network And Opens An Elrond Incubator in Dubai

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Blockchain innovation accelerator Morningstar Ventures is investing resources into developing projects built with Elrond. The firm is also establishing an Elrond Incubator in Dubai.

Morningstar Ventures Invests in Development on Elrond

Morningstar Ventures, the dynamic accelerator of ambitious ideas in the blockchain space, has announced a $15 million USD investment fund aimed at projects building with Elrond blockchain technology, as well as a new strategic Elrond Incubator in Dubai.

Morningstar Ventures is a blockchain innovation firm that drives the proliferation of decentralized technologies through strategic placements in startups that it supports with funding, advisory, and ecosystem building.

Elrond Network is the internet-scale blockchain that is currently capable of processing 15,000 transactions per second and can scale beyond 100,000 TPS, thanks to its groundbreaking Adaptive State Sharding technology that enables it to scale with demand by adding new shards as needed.

The smart contracts execution platform is carbon-negative by offsetting 25% more CO2 than its network of 3,200 Validators spread all over the world is accountable for. This makes the Elrond Network a truly sustainable, decentralized, and highly performant blockchain infrastructure for DeFi, NFTs, IoT, and the new internet economy.

Danilo S. Carlucci, Morningstar Ventures Co-Founder and Chief Investment Officer, said:

“Elrond’s rapidly evolving internet-scale blockchain technology is perhaps the most advanced in the space, which creates an asymmetric opportunity for Elrond to rapidly catch up with – and perhaps even surpass – the biggest blockchain ecosystems. We’re thrilled to take this opportunity and build alongside the hardest working team and most engaged community.”

Morningstar Ventures is ready to mobilize significant resources to raise awareness about opportunities in the Elrond ecosystem and will invest $15 million USD into disruptive decentralized projects building with internet-scale technology.

The first project to receive a strategic placement from the Morningstar fund is holoride, the Audi-backed extended reality media platform that seeks to add new dimensions to every car ride through the use of Virtual Reality, in-motion sensors, and haptic feedback devices, with a fair, transparent and sustainable content economy running on the Elrond blockchain.

Morningstar Ventures’s Elrond Dubai incubator will be focused on seizing strategic opportunities for the Elrond ecosystem in the UAE and across the Middle East and North Africa (MENA) region, where blockchain technology sees rapidly growing interest at institutional and government levels.

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Beniamin Mincu, Elrond Network CEO, said:

“The explosive growth of the Elrond ecosystem happened with an unstoppable team building internet-scale technology and an amazing community supporting them. Now, major players such as Morningstar Ventures are making significant long term commitments aimed at the rapid adoption of our tech.” “This signals the start of the next explosive growth phase for the Elrond ecosystem, where driven builders will leverage powerful devkits to  innovate at the forefront of the blockchain Supercycle.”

Extraordinary teams looking to build with Elrond technology, that are at least in an advanced ideation phase, can reach out to Morningstar Ventures to apply for funding and support by sending an email at [email protected]

Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof-of-Stake (PoS) algorithm, which enables linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.

For more information, contact Danilo S. Carlucci at [email protected]

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Binance Launches $1 Billion Fund for BSC Projects

Key Takeaways

  • Binance has launched a $1 billion fund to support growth on the Binance Smart Chain.
  • The bulk of the funds will be used to develop gaming, virtual reality, and blockchain-based financial services.
  • The move comes during a period of fierce competition among Layer 1 blockchains.

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Binance, the world’s biggest cryptocurrency exchange, has announced a $1 billion crypto growth fund to support project development on Binance Smart Chain. 

Binance Looks to Boost BSC

Competition among Layer 1 blockchains is heating up, and Binance is investing big. 

The exchange announced the launch of a $1 billion development fund Tuesday, aiming to support projects building on Binance Smart Chain. 

In a blog post outlining the move, Binance states that the bulk of the funds will be used to bolster development in gaming, virtual reality, and blockchain-based financial services. While the focus will be on development on Binance Smart Chain, the exchange has indicated that it aims to support other blockchain infrastructure projects, with collaborations from several industry-leading organizations in the works.

Of the remaining funds, $300 million will boost the existing builder reward program by conducting regional and global hackathons, rewarding white hackers through joint bug bounty programs, and running developer conferences.

Additionally, the fund will provide liquidity incentives for DeFi protocols building on Binance Smart Chain. Another $100 million will also go toward talent development through mentoring developer communities, educating new crypto investors, and providing academic scholarships to universities. 

Commenting on the update, Gwendolyn Regina, investment director of the Binance Smart Chain Accelerator Fund, stated: 

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“With the $1 billion initiative, our focus will be widened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains.”

Over the past few months, Layer 1 blockchains have surged in popularity. Networks such as Solana and Avalanche have seen huge amounts of users and liquidity enter their ecosystems, thanks in part to easier accessibility from cross-chain bridges such as Avalanche Bridge and Wormhole. 

While Binance Smart Chain has maintained an average of one million daily active addresses, it has not experienced as much recent growth as its competitors. In addition to building out DeFi and gaming on Binance Smart Chain, Regina’s comments also indicate that the exchange believes that cross-chain interoperability will be key to attracting more users in the future. 

Binance Smart Chain is a blockchain developed by Binance and launched in September 2020. It boasts much of the same functionality as Ethereum while reducing gas fees substantially. The chain is also compatible with the Ethereum ecosystem through the Ethereum Virtual Machine. 

Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies. 

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Solana targets growth in Southeast Asia with a $5M grants scheme

Solana has turned its focus towards decentralized finance in Southeast Asia with a new $5 million development fund.

The Solana Foundation created the fund in partnership with Vietnam-based investment firm Coin98 Ventures, enabling regional startups building on Solana to receive technical, marketing, and community support, as well as up to $100,000 in funding. The fund will run for the next three years with a specific focus on projects within the DeFi and Web3 spaces, including marketplaces, exchanges, and other DApps or tooling.

This is one of the first grants specifying a core region of interest, with a particular focus on Vietnam. Solana Foundation Executive Director Eric Williams:

“Our goal is to create the optimal conditions for developers in Southeast Asia to build amazing things on Solana.”

According to the announcement, “project teams may be distributed, but must have a physical presence in Southeast Asia.” The announcement makes it clear that if they do not have a presence there, they will not qualify for the fund.

Williams explained that the foundation partnered with Coin98 Ventures because of the technical and community support they can provide, adding that the key to this fund being successful is the combination of financial and technical support:

“Sometimes hurdles can be solved with extra money, other times they cannot.”

DeFi is gaining traction within the Solana ecosystem, driving trading volume to all-time highs earlier this month.

Using treasuries and fund campaigns to boost developer ecosystems within blockchains is common with programs already available for a range of blockchain networks including Bitcoin, Ethereum, OkCoin, and Polkadot.

In September last year, Polkadot received one of the largest fund boosts to date with Digital asset development company RockX investing $20 million to support the Polkadot ecosystem over the next five years.