The mobile-first blockchain Pi Network has launched a fund of $ 100 million for investments based on its infrastructure.
According to an announcement on May 14th, the PI Foundation Pi Network Ventures starts with an initial investment of PI (PI) -PI token and US dollar. The fund will put money into startups and corporations that construct on the PI network or contribute to its wider ecosystem.
“This strategic program intends to speculate sectors in high-quality startups and corporations within the areas of sectors and to advertise innovations and ecosystem growth,” said Pi Network in a X-Post.
Source: PI network
The PI Foundation, the organization behind Pi Network, is described as a “owner”, which focuses on supporting the long -term development of ecosystems. The foundation said that the brand new enterprise fund would come from the ten% of the PI tokens which might be reserved for ecosystem initiatives.
Pi Network had not answered the request from CoinTelegraph after publication.
What are Pi Network Ventures?
Pi Network Ventures has the duty of accelerating the advantage of PI by investing in startups and corporations that integrate it into services and products. The recent organization will attempt to bring more apps, transactions and corporations into the network and at the identical time develop recent applications:
“By providing incentives and resources for highly potential founders, startups and corporations, this initiative goals to create feedback loop for innovation and introduction.”
Pi Network Ventures' strategy
According to the announcement, Pi Network Ventures plans to speculate in investments in startups from the early phases to Financial rounds and likewise in investments. The hope is that such an approach will allow access to high -potential innovators and at the identical time scaling proven corporations.
Pi Network Ventures claims to differ from other crypto ecosystem programs in its focus and processes. In the announcement, the corporate said to not limit itself to cryptoinvestment, but additionally to finance general technologies, including generative AI and AI applications, fintech, embedded payments, e-commerce platforms, marketplaces, social networks and real consumer and company applications.
Another claimed difference is that the investment fund goals to act in Silicon Valley traditional risk capital corporations. According to reports, that is observed in mainly within the strategy of procurement, selection and review, with which “startups and corporations with high effects and disruptive corporations are to be determined and supported”.
The announcement takes place in the midst of the continued criticism of PI network, including allegations of the operation of a pyramid scheme and the concerns about transparency. Skeptics have identified the sparse white book of the project and the limited disclosure of public disclosure with regard to its sources of financing.
The user referral model of the platform, which rewarded the participants for the invitation of others, has made comparisons with multi -stage marketing structures.
In addition, PI, PI, the native token of PI Network, has been exposed to greater than 65% at the tip of February and currently acts under his all -time high.
