Digital Currency Group Launches New Fund To Support Companies Building On Top Of Decentraland
Digital Currency Group (DCG) is very excited about Decentraland and how the network is growing in the market. The company owns MANA (the virtual currency used in the platform) and LAND (virtual land in Decentraland). However, the company informed that they want to explore other initiatives in order to accelerate the development in this network.
The company launched Metaverse Ventures, a subsidiary of DCG that will be investing only in companies that build products and services for Decentraland. The information was released a few hours ago in a blog post.
Decentraland is a blockchain network in which individuals can create a for-profit business. There are several companies that are working in the space including DCL Plazas, NonFungible and RipioNetwork. In the future, there will be other companies working and investing in this blockchain network.
Metaverse Ventures has already invested in two different companies, one is known as Vegas City and the other is known as Artie. Vegas City is a district that is composed of 7000 parcels and aims to provide virtual real estate for the construction of VR-based entertainment venus. Artie, instead, is creating an AI-powered platform for content creators.
Interested parties can contact the company and see new investment opportunities.
Mike Dudas, the co-founder of Button, wrote a Tweet in which he says that the decision taken by DCG is bizarre.
This is so bizarre. @DCGco introduces a VC fund to support companies building on top of Decentraland, a protocol with a current market cap for $MANA of less than $59 million. https://t.co/3s2EpfDZov
— Mike Dudas (@mdudas) December 6, 2018
At the time of writing, MANA is the 60th largest virtual currency with a market capitalization of $62.64 million. Each coin can be purchased for less than $0.06. A few days ago, Binance announced that it is working with Decentraland for it to accept Binance Coin (BNB) and participate in an upcoming auction for virtual land parcels.