Chorus One Launches $30M Fund Dubbed Chorus Ventures

UTC by Steve Muchoki · 3 min read
Chorus One Launches $30M Fund Dubbed Chorus Ventures
Photo: Unsplash

According to statistics provided through the official website, Chorus One has $3,191,257,469.52 in total assets staked.

Chorus One, a staking solution platform, has announced the launch of a $30 million fund dubbed Chorus Ventures. According to the company through a medium post, the venture capital will be directed towards decentralized and PoS protocols.

“We are announcing Chorus Ventures, which will be a $30m fund that is investing in outstanding decentralized networks, protocols, and related products. Chorus Ventures will be managed by Xavier Meegan (Research & Ventures Lead), with oversight from Felix Lutsch and Brian Crain,” the company noted.

Speaking to news outlet CoinDesk, Xavier Meegan, research and ventures lead at Chorus One, said the company is seeking projects to invest in. Additionally, he noted that the company’s balance sheet has tremendously increased over the past two years.

Moreover, the staking market has taken root in the past few years. Following the pressure on blockchain projects to use PoS away from PoW.

According to statistics provided through the official website, Chorus One has $3,191,257,469.52 in total assets staked.

Worth noting, the platform enjoys multi-chain operations from 28 decentralized networks.

Chorus One and the Blockchain Industry

Founded at the height of the 2017/2018 crypto bull market, Chorus One has grown into a respectable venture firm. Some of the networks secured by Chorus One include Cosmos, Polkadot, and Terra with an expected annual reward of 15.29 percent, 14.05 percent, and 6.08 percent respectively.

Other networks with insane expected annual rewards include The Graph protocol with approximately 133.68 percent. The Secrete network has an expected annual reward of approximately 21.71 percent.  And, Osmosis network with an expected annual reward of approximately 43.15 percent.

In the future, Chorus One intends to secure other networks including Covalent, Axelar, Connext, Biconomy, NYM, and Anoma among others. By increasing its portfolio, the company anticipates widening its revenue collection avenues.

“If we’re going to secure a network and run a node, we’re putting in our resources, our work … to make sure the network goes live,” said Meegan. “This is stuff that [venture capitalists] VCs don’t do.”

Blockchain technology is expected to have more projects running on staking than other means of mining. Keep in mind that the largest smart contract network, Ethereum, is migrating to PoS via The Merge.

Other key projects that seek to compete in the smart contract market have enabled staking. Notably, staking as a means to confirm transactions and new blocks has been approved due to its low energy consumption. Otherwise, the Proof-of-Work concept has been accused of consuming electricity the same as a small country.

Hereby, Chorus One is offering a lucrative venture for institutional investors seeking reduced market risks.

Blockchain News, News
Steve Muchoki

Let’s talk crypto, Metaverse, NFTs, CeDeFi, and Stocks, and focus on multi-chain as the future of blockchain technology. Haha, Take it easy. Let us all WIN!

Related Articles
-->