Pi Network to invest $100M in startups building blockchain apps

Mobile-first blockchain Pi Network has launched a $100 million fund to invest in initiatives built on its infrastructure. According to a May 14 announcement, the Pi Foundation is launching Pi Network Ventures with an initial investment of $100 million in Pi (PI) tokens and US dollars. The fund will invest in startups and businesses building on Pi Network or contributing to its broader ecosystem. “This strategic program intends to invest in high-quality startups and companies across sectors, driving innovation and ecosystem growth,” Pi Network said in an X post. The Pi Foundation, the organization behind Pi Network, is described as an “ownerless” entity focused on supporting long-term ecosystem development. The foundation said the new venture fund will draw from the 10% of Pi tokens reserved for ecosystem initiatives. Pi Network had not responded to Cointelegraph’s request for comment by publication. Related: Is Pi Network dead? What really went wrong behind the hype What is Pi Network Ventures? Pi Network Ventures is tasked with increasing Pi’s utility by investing in startups and businesses that integrate it into products and services. The new organization will attempt to bring more apps, transactions and companies into the network while developing new use cases: “By aligning incentives and providing resources to high-potential founders, startups and companies, this initiative aims to create a feedback loop of innovation and adoption.“ Related: Pi Network price nears all-time lows as supply pressure mounts Pi Network Ventures’ strategy Per the announcement, Pi Network Ventures plans to invest in startups from the early stages to Series B funding rounds and beyond. The hope is that such an approach allows access to high-potential innovators while also helping scale proven businesses. Pi Network Ventures claims to differ from other crypto ecosystem programs in its focus and processes. The announcement said the company aims not to limit itself to crypto investments but to also fund general technology sectors, including generative AI and AI applications, fintech, embedded payments, e-commerce platforms, marketplaces, social networks and real-world consumer and enterprise applications. Another claimed difference is that the investment fund aims to act like traditional Silicon Valley venture capital firms. This will reportedly be primarily seen in the sourcing, selection and vetting process, which aims to “identify and support high-impact and disruptive startups and businesses.” The announcement comes amid ongoing criticism of Pi Network, including accusations of operating a pyramid scheme and concerns over transparency. Skeptics have pointed to the project’s sparse white paper and limited public disclosure regarding its funding sources. The platform’s user referral model, which rewards participants for inviting others, has drawn comparisons to multilevel marketing structures. Additionally, Pi Network’s native token, PI, has faced volatility, falling more than 65% since its mainnet launch in late February and currently trading about 25% below its all-time high. Magazine: Help! My parents are addicted to Pi Network crypto tapper Source: https://cointelegraph.com/news/pi-network-s-team-launches-100-m-fund-to-invest-in-ecosystem?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound