Fintech incubators FinLab AG and Block.one form joint venture with $100 mln funding for projects that put EOS.IO into practice.
The German fintech incubator FinLab AG and Block.one, developer of the Blockchain software platform EOS.IO, announced a $100 mln joint venture to develop projects that use EOS’ software, Cointelegraph auf Deutsch reported today, March 21.
The FinLab-run fund aims to further distribute the EOS.IO platform, run by Cayman islands-registered Block.one. The company has promised $1 bln in funding, together with other venture capitalists, for EOS.IO software. The fund with Finlab thus represents only a fraction of the seed capital of EOS.IO.
EOS.IO is a Blockchain architecture for decentralized applications (DApps) powered by Ethereum’s ERC20 standard tokens. While EOS.IO was developed by Block.one, the open source platform will be put into practice by third parties. The company identifies itself primarily as a tech provider who wants to offer an alternative platform to Ethereum.
EOS.IO is part of a third wave of cryptocurrency innovations and blockchain projects, which focus on improved scalability and free transactions using a new Blockchain architecture. In February, researchers introduced a new, scalable BlockDAG — an alternative network structure to Blockchain – called PHANTOM.