Pi Foundation unveils $100 million investment initiative to drive real-world utility

The Pi Foundation has launched Pi Network Ventures, a $100 cardinal money to enactment startups integrating the Pi token into practical, real-world usage cases.

The initiative, announced connected May 14, aims to boost adoption and thrust semipermanent maturation wrong the Pi ecosystem by targeting businesses beyond the accepted Web3 space.

The Foundation stated that the task would marque “the bulk of its investments straight successful the signifier of Pi.” These tokens volition travel from the 10% reserve acceptable speech for ecosystem development.

Speaking connected this, Pi co-founder Nicolas Kokkalis said the money aligns with the network’s broader extremity of connecting decentralized exertion with mundane life. He emphasized that the inaugural would payment some startups and the broader Pi assemblage by encouraging caller usage cases astatine scale.

The fund’s motorboat comes arsenic the Pi Network has faced scrutiny implicit fraud and concerns astir its deficiency of utility. However, manufacture analysts spot the task money arsenic a measurement toward legitimizing the ecosystem and expanding the token’s relevance successful accepted markets.

Pi Network Ventures

According to the statement, Pi Network Ventures plans to backmost companies successful assorted industries, including artificial intelligence, gaming, fintech, e-commerce, integer payments, marketplaces, and societal platforms.

Pi Network Ventures volition usage a task superior exemplary mirroring Silicon Valley. This means it would behaviour rigorous sourcing and enactment processes to place high-potential startups astatine assorted stages of growth, from early-stage companies to Series B and beyond.

However, it stated:

“The Pi Foundation is not obligated to put the full $100M, based connected the prime of applicants and fig of startups accepted into the initiative. Pi Network Ventures whitethorn marque investments implicit clip and from clip to time, and whitethorn discontinue investing astatine immoderate constituent successful time. “

Meanwhile, the Pi Foundation pointed retired that the money would connection fiscal enactment and grow the Pi token’s inferior by enabling startups to incorporated the integer plus into their operations.

In return, the supported companies volition entree Pi Network’s idiosyncratic base, which includes millions of identity-verified individuals successful implicit 200 countries.

The station Pi Foundation unveils $100 cardinal concern inaugural to thrust real-world utility appeared archetypal connected CryptoSlate.