Prime Highlights:

·        Pi Network launched a $100 million venture fund to trigger growth and innovation within the Pi blockchain ecosystem.

·        The fund is focused on early to mid-stage businesses that contribute utility and growth to the Pi ecosystem.

Key Facts:

·        The fund will utilize 10% of available Pi token supply held for ecosystem development.

·        It will act as a traditional venture capital firm during the investment process.

Important Background:

Pi Network, a mobile-first blockchain project to democratize decentralized finance for mass market adoption, has announced the launch of Pi Network Ventures, a $100 million startup fund to support startups and developers building on its platform. The move is a significant milestone in expanding the use case and infrastructure of the network by economically empowering the ecosystem around it.

The capital will be provided by the fund from the 10% of the Pi tokens that were set aside when the project began for building the ecosystem, the Pi Foundation said. The strategy is to use the tokens as an incentive to spur innovation and provide capital to businesses that enhance the usability, adoption, and longevity of the Pi blockchain. The venture capital fund is investing in every project from seed rounds through Series B rounds and beyond.

Pi Network Ventures is seeking to be as close to a classical Silicon Valley venture capital firm with stringent standards and screening mechanisms. It is hoped that this will bring on board credible entrepreneurs, developers, and innovators who have the capability of producing practical real-world applications on Pi Network, for the purposes of promoting adoption on its huge user base.

The upgrade comes amidst continued doubts about the long-term sustainability of Pi Network and complaints about coming up short in transparency and token offer. It has been likened to a pyramid scheme by some critics due to a weak whitepaper and regulators’ lack of clarity. The Pi native token has also been volatile since its February mainnet activation, with its price declining over 65% and remaining well below its initial highs. Despite these challenges, the Pi Foundation is still committed to making a real-world impact and providing long-term value for its users through ongoing investment in the ecosystem.

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