US-based blockchain software producer Block.One and venture capital firm Tomorrow Blockchain Opportunities (TomorrowBC) have launched a $50m fund to invest in blockchain software developers.
The $50m figure represents a first close of the fund, though its final target has not been revealed. The companies said the first close was seeded by Block.One, but did not specify whether it supplied all of the capital.
The fund will invest in companies building products on top of Eos.io, an open source software platform that has been developed by Block.One.
Eos.io relies on blockchain technology to facilitate decentralised applications that work without requiring a centralised infrastructure. The platform offers features such as authentication and databases.
Brendan Blumer, chief executive of Block.One, said: “We are excited to work with an established and experienced team that is focused on developing disruptive companies and technology.
“The open source Eos.io software fundamentally enables new community driven business models capable of disrupting the largest incumbents across all major sectors, and Block.One will be heavily investing in this future.”