The global fund plans to continue aggressively investing in promising ventures
During SF Blockchain Week’s VC Panel, Monday Capital, in partnership with IOV Labs (RSK) Innovation Studio, announced the completion of the first round of investments of its Ecosystem Fund. Two of the three investment recipients, Vega and Multis, were announced in early October, with the third, Pocket Network, set to close its own seed round within the month.
The announcement comes on a wave of global expansion for IOV Labs during the last half of 2019, including the acquisition of Latin America’s largest social network, Taringa, a partnership with Japan’s largest Blockchain accelerator, BinaryStar, and their latest partnership with Singapore’s first government backed accelerator, Tribe.
The Innovation Studio will work with Ecosystem Fund recipients to provide guidance and resources for the development of these solutions.
Vega is a protocol for creating and trading derivatives on a completely decentralised network. Fully automated processes and incentives for trading margined financial products democratize access to the derivatives market, allowing everyone to create financial products, removing rent-seekers and high costs.
Multis is a cryptocurrency lender, multi-sig wallet, and user-friendly interface all in one, designed to facilitate a convenient online banking experience for companies.
Pocket Network is a middleware protocol that provides an incentive for individuals and businesses to run full nodes for any blockchain. This is done through providing an API marketplace for developers to access data for their applications. Pocket Network is blockchain agnostic, allowing it to serve the long tail of blockchains, can guarantee 100% uptime through being decentralized and redundant, and is a magnitude cheaper to access than traditional third party providers.
Katerina Stroponiati, Founding partner at Monday Capital, commented “The goal of the Ecosystem Fund is to identify talented founders who are able to turn the idea of decentralization and the free internet into actual products that will open the door to the creation of new markets and economies - Pocket Networks opens up a new income stream for investors, Vega opens the siloed derivatives market by democratizing the creation of new products and Multis opens the doors to (easy to use) banking solutions for the crypto era.”
Diego Gutierrez Zaldívar, CEO of IOV Labs, commented, “We launched the San Francisco Innovation Studio and Ecosystem Fund with the dream of turning the Internet of Value vision into very concrete solutions for companies. We’re elated that our first Ecosystem Fund recipients share in this vision and have already shown a strong capacity for innovation, adaptation, and delivery. We look forward to supporting their growth and continuing to expand our investments.”
About the Innovation Studio and Ecosystem Fund
The San Francisco Innovation Studio and Ecosystem Fund were formed to facilitate the creation of next-generation blockchain solutions in partnership with startups and enterprise companies.
The Ecosystem Fund, managed by Monday Capital, a strong supporter of the RIF Ecosystem, focuses on supporting projects around the world that would benefit from RSK/RIF OS technology integration through targeted investments. The Ecosystem Fund works closely with the Studio to ensure holistic support of the projects.
About IOV Labs
IOV Labs is a purpose-driven organization focused on developing the platforms needed for a new blockchain-based financial system that will enable worldwide financial inclusion and bridge the gap between these nascent technologies and mass adoption.
The organization currently develops the most popular implementations of the RSK Smart Contract Network and RIF OS platforms. RSK Network is the most secure Smart Contract platform in the world, as it relies on Bitcoin’s hash power. RIF OS protocols, are a suite of open and decentralized infrastructure protocols that enable faster, easier and scalable development of distributed applications (dApps) within a unified environment to enable mass adoption of Bitcoin and RSK.
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