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Master Ventures Launches $30M Polkadot Fund
This first-of-its-kind fund will invest in projects bidding for parachain slots on Polkadot and canary network Kusama.
Asia-based private venture capital firm Master Ventures launched a $30 million fund for crypto projects aiming for a parachain slot on Polkadot.
STORY CONTINUES BELOW
- The Master Ventures Polkadot VC Fund is the first of its kind and will invest in the most promising projects on Polkadot and its canary network Kusama, according to an announcement Wednesday.
- Polkadot and Kusama plan to auction off over 50 slots for second-layer chains. Bidders must hold either DOT or KSM depending on which protocol they intend to utilize.
- Projects bidding will issue their native tokens, which will then be airdropped to DOT or KSM lenders.
- "We believe Polkadot will be one of the clear long-term winning blockchains and ecosystems due to its cross-chain functionality, ease of development and deployment as well as the strength of its development community," Master Ventures CEO Kyle Chasse said.
Read more: Banking App Current Picks Polkadot for Its DeFi Debut
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
