Blockchain investment company Global Blockchain Technologies Corp. has entered into a non-binding agreement to create a joint venture with blockchain-powered social media platform Steemit to establish a $20 million Steem Fund.
The Steem Fund will bring funding to the startups building solutions on the Steem blockchain and expanding the Steem ecosystem. The investments will be comprised of both Steem tokens tradeable on liquid exchanges and through traditional US dollar investments.
“We’re proud to be the first publically traded company to make a significant investment in the Steem ecosystem. No current open source and public blockchain protocol is more mature, scalable, and as rapid as Steem. We are convinced that traditional media companies from every corner will find that Steem’s technology will be a better way to monetize and distribute existing content and future works,” Global Blockchain Technologies Corp. CEO Rik Willard said.
According to the official release, the Steem Fund will be architected to support the accelerated development of applications based on Steem’s Smart Media Token (SMT) protocol. The SMT protocol is native to the Steem Blockchain and enables content publishers of any size to implement new revenue models through tokens that incentivize consumer engagement and interaction. SMTs can be run by any publisher without changing any website infrastructure or functions, while creating a mutually beneficial bridge between consumers, content, and media revenue.
“Today’s announcement makes the future for Steem brighter than ever. The Steem Blockchain is faster and already larger than the Bitcoin and Ethereum blockchains combined, and working with Global Blockchain Technologies Corp. is going to exponentially increase the number of applications built on Steem in an accelerated amount of time,” CEO of Steemit Ned Scott said.
Global Blockchain and Steemit will jointly determine the ticket size and distribution of all investments, currently planned for full deployment by 2020.
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