Koinos announces $500K seed round led by Blockchain Founders Fund

Koinos announces $500K seed round led by Blockchain Founders Fund

By Onose Enaholo - min read
Updated 26 January 2023
  • Koinos is a free-to-use blockchain developed by a group that also helped create the Steem blockchain.
  • The Koinos Group said the Blockchain Founders Fund led the seed round, with blockchain gaming platform Splinterlands participating.
  • Koinos will use the funds to build Koinos Pro, a software product set to help developers build scalable decentralised applications.

In the latest cryptocurrency news, Koinos Group, the developer of the free-to-use blockchain Koinos, has announced a $500,000 seed round.

Blockchain Founders Fund leads Koinos seed round

According to a press release CoinJournal obtained on Thursday, Singapore-based early stage industry-focused venture fund the Blockchain Founders Fund led the seed round. The round also saw the participation of blockchain gaming firm Splinterlands.

Blockchain Founders Fund is demonstrating leadership in the space as a whole by committing funds to a company whose entire business model is based on supporting a truly decentralised platform,as opposed to a platform that is decentralised in name alone,”said  Koinos Group CEO Andrew Levine.

The Koinos Group will use the funds to develop Koinos Pro, a subscription product that allows developers to release highly scalable decentralised applications (dApps). In a tweet on Thursday, the platform said Koinos Pro is a software that will help completely remove entry barriers to the dApps ecosystem.

Already, the Koinos blockchain allows developers to build and launch free-to-use dApps in any programming language, which means users can access high-performance apps as easily as is currently within the Web2 ecosystem.

Founded in 2020, the Koinos Group is a project overseen by several blockchain veterans – including a core developer group of the Steem blockchain.

The funding round comes just over two months after the Koinos mainnet went live, notably without involving an initial coin offering (ICO), pre-mine or airdrop to insiders and such. Koinos’ “Mana” system enables people without the native KOIN token to still access the blockchain.