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Pi Network, a blockchain platform designed for mobile users, has introduced a new $100 million fund to support projects building on its system.
The funding will come through a group called Pi Network Ventures, which will provide money in both Pi tokens and US dollars.
The idea is to support companies that use Pi in their services or help grow the overall network. The Pi Foundation, the team behind the project, explained in a May 14 announcement that this decision aims to make Pi more useful.
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According to a spokesperson, most investments will be made using Pi tokens, even though values will be calculated in dollars. They said the goal is to give businesses the same currency they will work with.
The fund plans to back businesses at different stages, including new startups and those already in Series B funding rounds. The focus will be on practical tools and services that bring more activity to the Pi Network.
Pi Network Ventures will not limit its support to only crypto-related tools. It will also look at areas like artificial intelligence (AI), financial technology, online shopping platforms, social media, and apps for both personal and business use.
Additionally, the team said they will take a more traditional approach, including carefully reviewing potential projects, meeting with founders, and selecting ideas that could have a strong impact.
Meanwhile, Stripe, a financial infrastructure platform, recently announced new products that expand its use of stablecoins and AI during its annual user event in San Francisco. What are they? Read the full story.
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