Blockchain startup Tezos has announced a $50 million venture capital fund after its highly successful fundraising drive held recently.

Tezos raised a record-setting $232 million in its Initial Coin Offering (ICO) drive which ran for two weeks, starting July 1st. In a recent update, the startup announced:

“We are extremely pleased to announce a commitment of $50 million in venture capital funding to companies looking to build on the Tezos platform. This capital will be partially deployed through venture capital partners to be announced, as well as through a direct venture arm. The innovation and growth of the ecosystem is the top priority of the Tezos Foundation.”

In keeping with its plan to diversify the Tezos Foundation’s financial portfolio, Tezos said that it has been slowly converting its assets into cash at a pace of around CHF 500 000 per day. On 17 July 2017, it sold 1,587 ether at a price of $163.82, netting about 250,000 CHF for the Tezos Foundation.

In addition, the Foundation now holds additional Bitcoin Cash token for every Bitcoin it held earlier, following the recent hard-fork of Bitcoin. Regarding its plans on spending these BCH tokens, Tezos said:

“Our current setup for spending Bitcoin contributions does not yet let us spend these new Bitcoin Cash tokens. We do plan on adding this capability and will then proceed to slowly diversify out of them as we are doing with our Bitcoin holdings.”

Furthermore, the startup is currently focusing on the development if the Tezos ledger and prioritizing work on the smart contract language, which would allow developers to build applications sooner, as the semantic stabilizes.

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