Global Blockchain Technologies announces $20m fund to invest in Steem SMTs

in #steem6 years ago (edited)

Just stumbled across this news announcement. Looks pretty exciting. The entirety of it can be read below:

The blockchain investment company establishes major joint venture to bring funding to startups building on Steem.

Global Blockchain Technologies Corp. has announced a non-binding agreement to create a joint venture with Steemit Inc, to establish a $20m Steem Fund.

The Steem Fund is a venture capital fund for startups building solutions on the Steem blockchain to expand the decentralized social media ecosystem.

Investments from the Steem Fund will be comprised of both Steem tokens tradeable on liquid exchanges and through traditional US dollar investments.

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."

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."

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."

Steem's Smart Media Token (SMT) protocol is native to the Steem Blockchain. SMTs can be run by any publisher without changing any website infrastructure or functions, breaking down barriers to enter the fastest growing industry in fintech, while creating a mutually beneficial bridge between consumers, content, and media revenue.

Global Blockchain and Steemit will jointly determine the ticket size and distribution of all investments, currently planned for full deployment by 2020.

I am a bit surprised I haven't seen anyone talking about this yet, but if it's legit it sounds pretty exciting to me!

*Update: Ned tweeted the PR, which means the news is legit. Pretty exciting indeed!

Follow me: @jrcornel


Thanks for sharing! Hot info.

Awesome bro!..

-----it ------------

Is it hot ? For me, its great news :)

yes plz vote for me

as hot as hot as hot info ..!

  • like vegetables on fire!

Thank you for posting jrcornel.

Such good news....Zappl plans on using SMTs as well....

All the best. Cheers.

plz vote for me

Anyone and everyone who has come across the steem blockchain and steemit can easily recognize the potential and credibility in the idea.

I've been on the lookout for announcements like this ever since I got to know the entire steem and steemit community better. I believe more of this is to come

I wouldn't be surprised if steem surpasses bitcoin and ethereum

The best part to me is the cred given the Steem Platform for having the first ‘publically traded’ company invest. If true, a nice development. Waiting for a confirmation from

Yes, that part jumped out to me as well. Surprising we aren't hearing more chatter about this news release, yet.

Me neither! Waiting for confirmation from @ned!

Ned shared this link, so I think it is a confirmation:


Awesome, thanks for sharing! It looks like he tweeted the news from his twitter account as well. Legit indeed. :)

Oo awesome info :)

Really great news, I remeber selling my @steemfund account to Blockchain Tech Corp´s President.. I never imagined that this would be the project that he had in mind!, is huge! .. really happy about this!

I am not familiar with that, what was @steemfund?

it was an initiative to crowdfund small projects with votes.. we also gave out some loans.. I am happy the account will remain alive and I am sure they will give it good use.

You deserve a thank you for getting this handle, trying to do crowdfunding with it and then selling it to a big boy. You will now be part of the history of steemit!

Hey much did you sell it for? comeon you know everyone here wants to know. Educate us on what he offered, or did you give an asking price?

Up-Voted for rolling steem account to bring in greater value to all on Steemit.

Whatever new roads this will lead to, I am on it with all of the steemians around here.... there seems to be a lot going on in the blockchain and currency worlds around us - adventures times we are living in.. and curious to see the outcome... Cheers from the Seven Mountains in Germany

It is so true,the road we have ahead of us is very exiting. Greetings from Latvia too! Steemit alive here too

Exactly what the ecosystem needs - funding to support the plethora of brilliant ideas that are coming from the Steemit community.

Thank you for sharing this wonderful piece of information, excited to see where this brings steemit in the next year! Exciting times :)

sounds like a lot of bafflegab...
but from what I can gather it would seem to be a GOOD thing.
Perhaps it will trigger an increase in the price of Steem?

That would be my hope as well.

I don't understand MOST of what I read about Crypto.
then again...I drove a truck for twenty five years and I don't understand how an eighteen speed gearbox works...I just knew how to use it.

Same thing here...
If it works..that's all I care.

Steem price does not seem to react to market news.

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