Sunday, September 25, 2022

Chorus One Launches $30M Worth Chorus Ventures

Switzerland’s staking company Chorus One declared the launch of a $30 million capital which will be invested in other cryptocurrency firms whose operations are connected to the Ethereum (ETH) blockchain. Based on the news by The Block, the fund will be organized by the research and ventures lead of Chorus One, Xavier Meegan.

The Chorus One blockchain has since been focused on solutions like the Cosmos and Solana ecosystem. The Chorus Venture will continue with these familiar ecosystems and others like Cardano, Ng Chain, and Avalanche, which utilize the Ethereum virtual machine.

The crypto staking startup contributes Proof of Stake (PoS) solutions to about 28 firms that utilize decentralized systems. This is unlike Ethereum which still operates the Proof of Work (PoW) solution, although there are considerations to switching to the PoS.

In an interview with the Block, Meegan explained how advantageous the use of Chorus One will be for founders, following the launch of the $30 million funds. He said, “With the launch of Chorus Ventures, founders now have an alternative way to raise capital, through a company that has a vested interest in the longevity of decentralized networks”

Maximizing the Chorus Venture Fund

The realized capital will be employed for a period of three years to promote networks and protocols offering PoS solutions. Liquid staking protocol and other protocols that allow for staking are some of the activities Chorus One intends to channel the funds towards. 

Interoperability is another focus of the venture fund, several blockchains will be connected to permit the deposit, withdrawal, and general exchange of tokens and data. There will be an introduction of new technologies which cuts across direct transfers between sophisticated protocols.

Another direction Chorus One is facing is middleware, a layer of data-inclined operations that provides support for apps and blockchain designed and created on them. This will encompass services such as indexing and analytical services.

Beyond staking, the venture fund intends to facilitate and deliver organizational consultancy support to crypto firms. So far, this is one of the few funds that has been generated internally and will also be used utilized internally.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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