Morningstar Ventures Commits $15M Into The MultiversX Ecosystem ($EGLD) And Sets Up MultiversX Dubai Incubator
Published 14th October 2021 by MSV Team
Our story with MultiversX started several years ago.
In 2018, Danilo S. Carlucci, (Morningstar Ventures' Co-Founder and Chief Investment Officer) met Beniamin Mincu (Co-Founder and CEO of MultiversX Network) during Ethereum's Devcon event that took place in Prague that year. The two of them bonded over common ideas in the blockchain space. When a couple of months later Beniamin started fundraising for MultiversX, Danilo became one of the project's first angel investors. Danilo eventually became an advisor to the project and has been an evangelist of the MultiversX project ever since.
Over the last few years, MultiversX has amassed a huge global community and pushed the boundaries of smart contracting platforms via its unique state-sharding approach, enabling its network to process transactions at unparalleled speeds. Fuelled by the demand for strong technological fundamentals and further amplified by the capped supply with solid store of value properties, the market cap of MultiversX's utility token EGLD soared past 5 billion USD.
Today, nearly three years after our Co-Founder's first mutual engagement with the MultiversX project, we are very excited to announce that we are taking our commitment toward the MultiversX ecosystem to the next level and will be investing $15 million fund into MultiversX-related initiatives and exceptional projects building with MultiversX technology. The overarching goal is simple: provide strategic and financial support to founders and developers building products on MultiversX.
So how is this going to work? Well, we are going to focus on several objectives which we are looking to roll out step by step over the coming months:
We are looking to fund global teams building on MultiversX (via investments and grants)
We are going to shift a number of our internal resources into educating people about the MultiversX ecosystem and why it makes sense to "build on MultiversX"
We are setting up a MultiversX Incubator based in Dubai, focused on building teams and products and spearheading the growth of the MultiversX ecosystem in the UAE and across the Middle East.
"It has been incredible to observe how the unique combination of vision, talent and execution capabilities enabled MultiversX to outperform much bigger and way better funded teams.
Their rapidly evolving internet-scale blockchain technology is perhaps the most advanced in the space, which creates an asymmetric opportunity for MultiversX to rapidly catch up with - and perhaps even surpass - the biggest blockchain ecosystems. We're thrilled to take this opportunity and build alongside the hardest working team and most engaged community" said Danilo S. Carlucci, Morningstar Ventures Co-Founder and Chief Investment Officer.
Over the last few weeks, Morningstar Ventures has already started deploying fresh capital into several early-stage teams building on MultiversX, for example, Holoride.com.
We will be more active here on Medium and keep updating our community with further info on why #WeBelieveInEGLD!
Coming soon in December: our in-depth analysis of the current stage of the MultiversX Ecosystem.