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Morningstar Ventures Opens An Elrond Incubator in Dubai — Invests $15m

CryptocurrencyOct 13, 2021 08:00AM ET
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Morningstar Ventures Opens An Elrond Incubator in Dubai — Invests $15m

  • Morningstar Venture invests $15m on Elrond Network.
  • Also, opens an Elrond incubator in Dubai, UAE.
  • The Elrond incubator will seize opportunities in the UAE, Middle East, and East Africa.

Investment firm, Morningstar Ventures, announced it has provided a $15 million investment fund to Elrond blockchain technology. The fund is proposed for project building and a new strategic Elrond Incubator in Dubai.

Morningstar Ventures says it is prepared to gather resources to raise awareness about opportunities in the Elrond ecosystem. Hence, the $15 million investment into disruptive decentralized projects building with internet-scale technology.

This is not the first time Morningstar is funding a project. Holoride was the first project to receive a strategic placement from the Morningstar fund. Holoride is an Audi-backed platform that seeks to add new dimensions to every car ride on the Elrond blockchain.

Even more, with the Elrond Dubai incubator, Morningstar Venture targets capturing critical opportunities for the Elrond ecosystem in the UAE. And also regions where blockchain technology is garnering interest at the institutional and government level such as the Middle East and North Africa (MENA) region.

True to its name, Morningstar is an investment firm that sponsors startups focused on the Elrond ecosystem. Led by Chief Investment Officer Danilo S. Carlucci, the Dubai-based firm is into blockchain and digital assets. Commenting on Elrond, Danilo says,

Elrond rapidly evolving internet-scale blockchain technology is perhaps the most advanced in the space, which creates an asymmetric opportunity for Elrond to rapidly catch up with – and perhaps even surpass – the biggest blockchain ecosystems

Without a doubt, Elrond is an internet-scale blockchain that leverages Secure Proof-of-Stake (PoS) and Adaptive State Sharding mechanism that can process upwards of 15,000 transactions per second (TPS).

All in all, the Morningstar investment in Elrond Network ‘signals the start of the next explosive growth phase for the Elrond ecosystem, where driven builders will leverage powerful devkits to innovate at the forefront of the blockchain Supercycle’ says Elrond Network CEO, Beniamin Mincu.

Most excitingly, Morningstar calls on teams looking to build with Elrond technology to reach out to them to apply for funding. Though there is a clause — the team should be at least in an advanced ideation phase. The official email to apply for the support is at elrond@morningstar.venrures.

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Morningstar Ventures Opens An Elrond Incubator in Dubai — Invests $15m

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