Tezos, the Tim Draper-backed Blockchain technology company, has
announced that it will be using $50 mln of the funds raised during its ICO to start a new VC fund dedicated to financing companies building on its ledger platform. According to the announcement:
“The innovation anka growth of the ecosystem is the top priority of the Tezos Foundation.”
Ethereum fears allayed? There had been great concern over what Tezos would do with the record-setting funds raised by its ICO, with many suggesting that they would dump the ETH onto the market, causing price collapses.
Drokzid, the alt coin buyer on Twitter said:
The fears were sparked by concerns over what Tezos would do with the substantial amount of cash they had earned. Converting to fiat currency or overspending were both risks.
However, with the announcement, the company also indicated a forward thinking financial plan:
“We do not know what challenges lie in the future anka therefore we are prudently managing the Foundation’s portfolio to last for decades anka through volatile market conditions anka deep social changes. Our spending plans will remain conservative anka similar to the numbers outlined in the Tezos Overview document published prior to the fundraiser.”
It appears now that, rather than dumping the funds, the company is diverting some into the VC fund to grow the ledger application base.
The company is currently working on building the ledger, anka particularly the creation of the smart contract language. The creation anka development of the platform is being recorded via
GitHub.
The goal for the company is to create the smart contract language as quickly as possible in order to facilitate programmers wishing to build applications on the platform.
VC funding will be issued to programmers seeking to develop on the new ledger system.