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Blockchain investment firm Spirit Blockchain Capital (SBC) has announced the completion of a major funding round. A number of investors participated in the raise including EOS Network Ventures (ENV), the venture firm focused on supporting innovation on the EOS Network.
SBC invests in web3 companies to leverage the technology’s ability to transform global finance. Its focus is on startups developing novel solutions that make use of blockchain, AI or even both, given the increasing intersection between the pair. With offices in Canada, Switzerland, and the UAE, the firm is constantly on the search for new deal flow and for investors who share its vision.
The Evolution of EOS
Since launching in early 2022, EOS Network Ventures has aimed to support projects that are advancing adoption of EOS and building applications that make clever use of its architecture. By providing initial funding to help teams get their ideas off the ground, ENV is hoping to spark a wave of new use cases, applications, and users, drawn to the characteristics that make EOS unique: its close-knit community, and, from a technical perspective, its ultra-low fees and high throughput.
In supporting Spirit Blockchain’s latest funding round, which also saw participation from other partners, EOS Network Ventures is also strengthening the network with which it is synonymous. Should SBC elect to support fledgling projects that are building on EOS it will find, in ENV, a willing and able partner.
Spirit Invites EVN to Take a Seat
Following the completion of Spirit Blockchain’s funding round, ENV will be represented on the firm’s board. This will grant EOS Network Ventures the ability to provide input and participate in investment decisions.
"We are impressed by Spirit Blockchain Capital's dedication to fostering innovation and driving positive change within the blockchain industry," said Yves La Rose, Director of the ENV and CEO of the EOS Network Foundation. "This investment, coupled with active participation on the board and investment committee, reflects our confidence in their ability to navigate the evolving landscape and contribute to the advancement of blockchain technology."
EOS Flourishes in an EVM World
Under the stewardship of Yves La Rose and EOS Network Foundation, the EOS ecosystem has flourished. Its rebirth has been helped by the deployment of the EOS EVM, allowing EOS to run Solidity-based smart contracts and making it easier for money to move from Ethereum.
The recent release of v6 of the EOS EVM introduced trustless USDT bridging from Ethereum, which will support the creation of DeFi applications on EOS. Other improvements introduced at the same time have made it easier for data to be passed between the EOS Native and EVM chains.
The reciprocal relationship between EOS and Spirit Blockchain Capital, strengthened by the completion of the newly announced funding round, should yield further dividends for EOS further down the line. If SBC can identify outstanding projects, and provide the capital for their ideas to be turned into fruition, it could pave the way for a new wave of innovation on EOS.
As the crypto market picks up, and users reactivate dormant accounts, EVM chains and layer2s are seeing new life. SBC’s funding roun is perfectly timed, therefore, to bootstrap the projects that will be aiming to reshape what web3 can do into 2024 and beyond.
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