Block.one, the developer behind blockchain software EOS.IO, and fintech investment company FinLab AG announced they have teamed up to launch a $100 million joint venture to accelerate the development of EOS.IO projects in Europe. The EOS.IO software reportedly provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters.
According to the duo, this is the third EOS.IO fund formed through the EOS VC partnership program following announcements with Tomorrow Blockchain Opportunities, managed by Derek Rundell of Eric Schmidt’s TomorrowVentures, and Galaxy Digital, managed by Mike Novogratz. Block.one has notably made an initial commitment to deploy $1 billion in partnership with leading venture capital investors to support the development of the EOS.IO software. Speaking about the new joint venture, Stefan Schütze, of the FinLab management board, stated:
“EOS.IO’s Delegated Proof of Stake (DPOS) approach has shown to vastly improve the speed and resiliency by which blockchain networks operate and scale. FinLab is excited to partner with the company behind this fundamental innovation and looks forward to fostering development of projects enabled by EOS.IO software.”
Brendan Blumer, CEO of Block.one, then added:
“We are excited to be working with FinLab AG, a leading European tech investor, to grow EOS VC’s global reach. We believe the EOS.IO open source software fundamentally enables new community driven business models, and we remain committed to investing in that future.”