Master Ventures creates $30 million VC fund to support Polkadot projects

Layer 1s • June 2, 2021, 9:06AM EDT
UPDATED: June 2, 2021, 9:19AM EDT
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Asia-based private venture capital firm Master Ventures has launched a $30 million venture capital fund to support projects trying to integrate with Polkadot as well as other early-stage ventures building on the protocol, the company announced Wednesday. 

Polkadot is a single network that aims to enable multiple blockchains to work together. Each one of these blockchains is called a parachain and to be connected to Polkadot’s main network, they need to connect via a parachain slot, which are limited in number.

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According to the announcement, Polkadot and Kusama — a standalone network focused on experimentation — aim to support the launch of more than 50 parachains in the next year and a half.

As part of the fund, Master Ventures hopes to support projects that are competing for these parachain slots.

The parachain slots will be auctioned off to the projects with the highest bids, and each project must hold polkadot (DOT) or kusama (KSM) depending on which protocol they want to use. When participating projects issue native tokens, they will then be "airdropped" to DOT or KSM lenders.

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Saniya More (pronounced: Saan-ya Mo-ray) is a quadrilingual journalist at The Block. She got her master’s degree from the Columbia University Graduate School of Journalism and did her undergraduate degree at the S.I. Newhouse School of Public Communications, Syracuse University. Her work has appeared in CBS News, Bangkok Post, Thai Enquirer, Globalists, Byline Times and other publications. When she’s not chasing a story, you will most likely find her biking, tweeting, taking photos or creating Spotify playlists for every occasion.

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