ConsenSys announces a $50 Million Venture Fund for Blockchain Startups

There’s a good new for blockchain startups. Ethereum startup and incubator ConsenSys has announced a $50 million venture funds for any startup working involving Blockchain technology.

The fund, called ConsenSys Ventures, will be led by investment specialist Kavita Gupta, while ConsenSys founder and Ethereum co-founder Joe Lubin will also be involved.

Also read: ConsenSys Academy Launches Blockchain Training Programme.

As per Gupta, ICOs have managed to gain tremendous success, yet there’s immense learning for it from traditional venture capital.

According to Gupta:

“There is still value to due diligence and even if two PhD kids have sold tokens based on a brilliant white paper, they still have to figure out how to deliver a company. That’s not necessarily something they have experience doing.”

The winner of UN Social Finance innovator Award of the year 2015, Kavita Gupta, says that nearly all of the 17 Sustainable Development Goals of the United Nations has blockchain applications. These highly anticipated projects intend to cease poverty, guarantee universal education and much more by 2030.

Also Read: 5 Ways How United Nation Sees Potential Of Blockchain Technology

She is particularly very much interested in exploring Blockchain technology having social and environment inclination. The firm has around 150 former bankers, mathematicians, techies, management consultants and engineers to help and support with the development of Blockchain based services and business models. A major goal of the company is to be able to portray how the emerging digital transaction architecture will transform the lives of financially deprived people across the world.

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