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Friday, October 22, 2021
Home News Global Blockchain Technologies Corp. Announces $20M Fund to Invest in Steem SMTs

Global Blockchain Technologies Corp. Announces $20M Fund to Invest in Steem SMTs

Global Blockchain Technologies Corp. has today announced a non-binding agreement to create a joint venture with Steemit Inc., the creators of first and largest blockchain-based social network, to establish a $20 million USD Steem Fund. The Steem Fund is a first-of-its-type venture capital fund for startups building solutions on the Steem blockchain and those which expand the Steem ecosystem. Investments from the Steem Fund will be comprised of both Steem tokens tradeable on liquid exchanges and through traditional US dollar investments.

The Steem Fund will be architected to support the accelerated development of applications based on Steem’s Smart Media Token (SMT) protocol, allowing native tokens based on the Steem blockchain. SMTs are a technology that allows individual organizations and companies to integrate a customizable and intelligent token system into their website, portal, or platform.

Global Blockchain Technologies Corp. CEO Rik Willard said:

“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.”

CEO of Steemit Ned Scott said:

“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.”

Steem’s Smart Media Token (SMT) protocol is native to the Steem Blockchain, one of the most scalable and efficient blockchains in the industry, enabling content publishers of any size to implement revolutionary 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, breaking down barriers to enter the fastest growing industry in fintech, while creating a mutually beneficial bridge between consumers, content, and media revenue

Global Blockchain and Steemit will jointly determine the ticket size and distribution of all investments, currently planned for full deployment by 2020.

For more information visit, https://globalblockchain.io.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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