Leading blockchain investment company establishes major joint venture to bring funding to startups building on Steem
New York, New York — November 13, 2017 — 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.
About Steemit Inc.
Steemit, Inc. uses blockchain technology to develop cryptocurrencies that support, improve, and monetize social media sites and networks. It is one the primary developers of the Steem blockchain and Smart Media Tokens (SMTs), as well as steemit.com, the world’s first decentralized social network with millions of unique visitors per month.
About Global Blockchain Technologies Corp.
Global Blockchain Technologies Corp. is an investment company providing investors access to a basket of holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies. GBT is focused on streamlining the current arduous, lengthy and complicated process that interested investors need to undergo in order to gain exposure to the cryptocurrency space with a view to becoming the first vertically integrated originator and manager of top tier blockchains and digital currencies. GBT is listed on the TSX Venture Exchange and its common shares trade under the ticker symbol “BLOC”. Other information relating to GBT is available on SEDAR at www.sedar.com as well as on the Company’s website at www.globalblockchain.io