Global Blockchain Technologies has just advertised that it has created a joint venture with Steemit Inc to initiate a $20m fund for startups building on the steemit platform.
The fund will comprise both STEEM tradeable on exchanges and US dollar investments. It will be designed to support faster DApp development built around Steem's Smart Media Token (SMT) protocol. If you don't already know, SMTs allows individual groups and companies to integrate an intuitive token-based system into their website or other type of platform and is native to the Steem Blockchain. SMTs can be implemented without the need for changing any exsiting website infrastructure, which in turn, breaks down the barriers to enter the fastest growing industry in fintech
"We're proud to be the first publically traded company to make a significant investment in the Steem ecosystem" said GBT Corp, CEO, Rik Willard.
He also went onto to say "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."
Steemit CEO, 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."
Make it rain bitches
