Block.one and Mike Novogratz’s Galaxy Digital Announce Joint Venture for New $325 million EOS.IO Fund
Grand Cayman, Cayman Islands - (Marketwired – January 23, 2018)
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.
Block.one, the developer behind the leading blockchain software EOS.IO, and Galaxy Digital LP (“Galaxy Digital”), a full service, digital assets merchant bank, today announced the formation and capitalization of a joint venture that is focused on developing the EOS.IO ecosystem and making strategic investments in projects that utilize EOS.IO blockchain software. As part of the new relationship, Block.one and Galaxy Digital will deploy capital for future investments through the capitalization of a new $325 million EOS.IO Ecosystem Fund (the “Fund”).
Sam Englebardt, Head of Strategic Partnerships at Galaxy Digital, said: “With so many new blockchain projects, it can be difficult to ascertain which ones will emerge as market leaders. However, we believe EOS.IO is one of them. The Block.one team and the EOS.IO community are introducing the first scalable infrastructure to enable mainstream blockchain adoption and we are excited to be at the forefront of such a transformative initiative which we anticipate will drive positive change in the digital assets space.”
Mike Novogratz, CEO of Galaxy Digital, added: “EOS.IO is designed to enable new community-driven business models capable of disrupting the world’s largest technology incumbents. This milestone represents Galaxy Digital and Block.one’s joint commitment to investing in that future.”
Brendan Blumer, CEO of Block.one, commented: “Mike Novogratz and the team at Galaxy Digital are leading advocates for blockchain adoption and share our belief that this software fundamentally expands the capabilities of blockchain technology. We are excited to add Galaxy to the list of industry leaders driving EOS.IO innovation and expect this partnership to serve as an enormous catalyst for ecosystem growth.”
This is the second EOS.IO fund formed through the EOS.IO VC partnership program and comes on the back of last week’s announcement with Tomorrow Blockchain Opportunities, managed by Derek Rundell of Eric Schmidt’s TomorrowVentures. Block.one has made an initial commitment to deploy $1 billion in partnership with leading venture capital investors to support the development of the EOS.IO software.
The EOS.IO VC program offers developers and entrepreneurs the funding they need to create community driven businesses leveraging EOS.IO software. Enquire at [email protected] to learn more.
EOS.IO software introduces a blockchain architecture designed to enable horizontal scaling of decentralized applications (the “EOS.IO Software”). The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications. For more information, please visit https://eos.io
Block.one is a developer of technology solutions including blockchain software development. With employees and advisors based around the world, the company focuses on business-grade technology solutions, including the development of the EOS.IO software. For more information visit http://block.one/ and https://eos.io/.
Patrick Clifford, +1-212-371-5999
For Galaxy Digital LP
Mike Geller, 212-279-3115; Ext: 242
block.one is a software company and is producing the EOS.IO software as free, open source software. This software may enable those who deploy it to launch a blockchain or decentralized applications with the features described above. block.one will not be launching a public blockchain based on the EOS.IO software. It will be the sole responsibility of third parties and the community and those who wish to become block producers to implement the features and/or provide the services described above as they see fit. block.one does not guarantee that anyone will implement such features or provide such services or that the EOS.IO software will be adopted and deployed in any way.
All statements in this document, other than statements of historical facts, including any statements regarding block.one’s business strategy, plans, prospects, developments and objectives are forward looking statements. These statements are only predictions and reflect block.one’s current beliefs and expectations with respect to future events and are based on assumptions and are subject to risk, uncertainties and change at any time. We operate in a rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you are cautioned not to rely on these forward-looking statements. Actual results, performance or events may differ materially from those contained in the forward-looking statements. Some of the factors that could cause actual results, performance or events to differ materially from the forward-looking statements contained herein include, without limitation: market volatility; continued availability of capital, financing and personnel; product acceptance; the commercial success of any new products or technologies; competition; government regulation and laws; and general economic, market or business conditions. Any forward-looking statement made by block.one speaks only as of the date on which it is made and block.one is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise.