Mithril to Introduce a Crypto Venture Fund
Mithril just made public its plans to introduce a new crypto venture fund. The new fund will be used to fund payment, entertainment, and social startups. This is being done in a bid to help expand the existing Mithril ecosystem.
Information On The Venture Fund
MITH (Mithril) is a decentralized social media platform known for rewarding content creators. Earlier today, the platform announced that it would be launching its very first investment fund that is to be used in funding startups that are building applications within its ecosystem.
The startups that will be funded using this venture fund are those that deal with payment, entertainment, and social sectors. In its announcement, the platform went on to state that it will be the principal investor in this investment fund.
According to the company, the reason why it aims to be the single investment currency is to help it expand the ability of its tokens even further. Once it has exited a particular investment, the MITH tokens that are to be received during the exit process are to be returned into the investment fund.
July 17, 2018 — Mithril announces the launch of “Global MITHRIL Forge Fund 1” (“Fund”).
Mithril will act as the cornerstone investor of the fund; sectors considered include social, entertainment, and payments.
— Mithril (@MithrilToken) July 17, 2018
How Will This Work
All tokens received during exit will be reinvested. The reinvestment will be done with the primary goal of empowering the MITH community. Any fiat that may be received during this exit process will is to be used in acquiring more MITH.
The fund has one main mandate, which involves growing, and expanding the Mithril ecosystem. Social mining will be used as the starting point. It will be utilized in developing payment, entertainment, and social use cases for the Mithril ecosystem as the process continues to grow and expand.
By choosing to take this particular route, Mithril has become yet another successful case of a cryptocurrency related project that is using the funds it raised through the ICO process to create a venture capital company.
A good example of another project that made use of this process is EOS. The cryptocurrency project was recently able to raise money in a new round, although it did not disclose to the public the total amount that was raised in the latest round. It was a round that was characterized with investments from Bitmain and Peter Thiel, the billionaire investor.
MITH prices have recently been on a slump for the last three months. The prices have dropped from $1.45 to $0.57 in a period of ninety days. However, it is important to note that for the last day, MITH prices have surged with around twenty percent, and currently have a market capitalization of about $215 million.
Additional Information On Mithril
The Mithril platform is a social media platform that has been completely decentralized and is one well-known for rewarding all content creators. It is a platform that has been known to leverage social mining, with all payable rewards being based on the influence of each content creator, as well as the success of the network contributors. The more value that they are able to bring to the network, the more MITH they are able to earn.