Steem Update: Global Blockchain Technologies will invest $20m in Steem SMTs

What's good for Steem is good for Steemit and good for Steemians eh? We are all in this together and in this article (although admittedly a bit late in regard to timing) I would like to review recent news of a $20M investment into SMTs by GBT.

Global Blockchain Technologies Corp. has announced a non-binding agreement to create a joint venture with Steemit Inc, to establish a $20m Steem Fund.

This appears to be a major accomplishment by Steemit Inc. and one which will certainly do a lot to benefit the Steem ecosystem.

The Steem Fund is a venture capital fund for startups building solutions on the Steem blockchain to expand the decentralised social media ecosystem.

Developers need funding and there are many competing projects in the crypto space so this is extremely important when trying to get the best and brightest minds to put a major effort towards expansion of Steem services and platforms.

Investments from the Steem Fund will be comprised of both Steem tokens tradeable on liquid exchanges and through traditional US dollar investments.

The Steem Fund will be architected to support the accelerated development of applications based on Steem's Smart Media Token (SMT) protocol, allowing native tokens based on the Steem blockchain, said a statement.

This all sounds like fantastic planning to me. There will be both Steem tokens as well as USD funding put aside for Steem projects offering a lot of versatility in regard to funding a Steem project. In addition SMTs will need a lot of support if they are to succeed and it looks like that support will be there when needed as of now.

SMTs are a technology that allows individual organisations and companies to integrate a customisable and intelligent token system into their website, portal, or platform, it said.

This seems like it will really give ETH and other competing crypto platforms a run for their money! I've always loved Steem for its speedy transactions and the free nature of transactions. Something other platforms simply can't or won't offer!

Global Blockchain Technologies Corp. CEO Rik Willard said: "We're proud to be the first publically traded company to make a significant investment in the Steem ecosystem. No current open source and public blockchain protocol is more mature, scalable, and as rapid as Steem."

"We are convinced that traditional media companies from every corner will find that Steem's technology will be a better way to monetize and distribute existing content and future works."

I'm always researching cryptocurrencies and try to remain objective but from my experience, we are looking at something that will propel Steem and it's ecosystem to the next level and really put it on the map.

CEO of Steemit Ned Scott said: "Today's announcement makes the future for Steem brighter than ever. The Steem Blockchain is faster and already larger than the Bitcoin and Ethereum blockchains combined, and working with Global Blockchain Technologies Corp. is going to exponentially increase the number of applications built on Steem in an accelerated amount of time."

Ned appears to be working hard to make Steem, Steemit and SMT's a huge success. These are the types of deals that need to be made to really give the platform a better chance of growth and prosperity.

What do you guys think about this news?

Source:
IBT Times

Image Source:
IBT Times