Bitcoin Magazine Ventures, managed by David Baily and Tyler Evans, is launching the world’s first Bitcoin Ecosystem Fund.
The venture capital fund, dedicated exclusively to investing in the Bitcoin ecosystem, is raising $30 million and is already oversubscribed by $90 million, according to internal sources shared with CryptoSlate.
The new fund emphasizes the growth of the Bitcoin ecosystem, primarily investing in new applications, tools, and infrastructure like Ordinals, Lighting, BRC20, DLC, and other UTXO-related elements. These innovations allow Bitcoin to adopt more flexible functionality, akin to Ethereum.
The launch of Bitcoin Magazine Ventures’ Bitcoin Ecosystem Fund signifies a shift in focus toward developing the Bitcoin ecosystem and its underlying infrastructure. This new fund is set to provide a platform for innovative projects, tools, and applications, ultimately shaping the future of web3 through the pioneer cryptocurrency.
Sora Ventures, a leading venture capital firm, has supported Bitcoin Magazine Ventures by investing $3 million into the fund. Jason Fang, Sora Ventures’ Managing Partner, commented on the investment:
“We believe that Bitcoin will become an important platform for future assets migrating into web3. There are a lot of upsides for using Bitcoin over other platforms, and as developers build and improve the cost and efficiency of the network, we will see more use cases migrate into Bitcoin’s ecosystem.”
The advent of Ordinals has been seen as a watershed moment for Bitcoin, allowing developers to build new utilities onto the network. Bitcoin Magazine Ventures’ fund is the first to fully dedicate its investment into the Bitcoin ecosystem, aiming to capitalize on the growing interest in the space.
In addition to BTC Inc., Sora Ventures also holds investments in CryptoSlate, Forkast News, and The Block.
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