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."
Global Blockchain Technologies Corp. will be entering to a non-binding agreement with Steemit to create a joint venture which will establish a $20m Steem Fund.
The Steem Fund is a venture capital fund mainly for startups are planning to build solutions on top of the Steem blockchain to expand the current decentralised social media ecosystem that is currently in place.
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, said a statement.
SMTs are a technology that allows individual organisations and companies to integrate a customisable and intelligent token system into their website, portal, or platform, it said.
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.
For more info check out the full article here -->>> http://www.ibtimes.co.uk/global-blockchain-technologies-announces-20m-fund-invest-steem-smts-1647127