Pi Network, a blockchain platform designed for mobile users, has introduced a new $100 million fund to support projects building on its system.
The funding will come through a group called Pi Network Ventures, which will provide money in both Pi tokens and US dollars.
The idea is to support companies that use Pi in their services or help grow the overall network. The Pi Foundation, the team behind the project, explained in a May 14 announcement that this decision aims to make Pi more useful.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Non-custodial Wallet: Why Do You Need It Right NOW
According to a spokesperson, most investments will be made using Pi tokens, even though values will be calculated in dollars. They said the goal is to give businesses the same currency they will work with.
The fund plans to back businesses at different stages, including new startups and those already in Series B funding rounds. The focus will be on practical tools and services that bring more activity to the Pi Network.
Pi Network Ventures will not limit its support to only crypto-related tools. It will also look at areas like artificial intelligence (AI), financial technology, online shopping platforms, social media, and apps for both personal and business use.
Additionally, the team said they will take a more traditional approach, including carefully reviewing potential projects, meeting with founders, and selecting ideas that could have a strong impact.
Meanwhile, Stripe, a financial infrastructure platform, recently announced new products that expand its use of stablecoins and AI during its annual user event in San Francisco. What are they? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
