Morningstar Ventures is investing $15 million in projects built on the Elrond network

Morningstar Ventures is investing $15 million in projects built on the Elrond network

[PRESS RELEASE – Dubai, UAE, 13th October 2021]

Morningstar Ventures, the dynamic accelerator of ambitious ideas in the blockchain space, has announced a $15 million investment fund targeting projects built using Elrond blockchain technology, as well as a new Elrond strategic incubator in Dubai.

Morningstar Ventures is a blockchain innovation company that advances the adoption of decentralized technologies through strategic placements in startups that it supports with funding, advice, and ecosystem building.

Elrond Network is the Internet-scale blockchain that can currently process 15,000 transactions per second and can scale beyond 100,000 TPS thanks to its groundbreaking Adaptive State Sharding technology, which allows it to scale with demand by adding new shards as needed.

The smart contract execution platform is carbon negative by offsetting 25% more carbon than its network of 3,200 validators distributed around the world is responsible for. This makes the Elrond network a truly sustainable, decentralized and high-performance blockchain infrastructure for DeFi, NFTs, IoT and the new internet economy.

“Elrond’s rapidly evolving internet-scale blockchain technology is perhaps the most advanced in this space, providing an asymmetric opportunity for Elrond to quickly catch up and perhaps even surpass the largest blockchain ecosystems.” said Danilo S. Carlucci, co-founder and chief investment officer of Morningstar Ventures. “We are thrilled to take advantage of this opportunity to partner with the hardest working team and most engaged community.”

Morningstar Ventures is poised to mobilize significant resources to raise awareness of opportunities in the Elrond ecosystem and will invest $15 million in disruptive decentralized projects built using internet-scale technology.

The first project to receive a strategic placement from the Morningstar fund is holorid, The augmented reality media platform Audi supports adding new dimensions to every car journey through the use of virtual reality, in-motion sensors and haptic feedback devices, with a fair, transparent and sustainable content economy running on the Elrond blockchain.

Morningstar Ventures' Elrond Dubai incubator will focus on pursuing strategic opportunities for the Elrond ecosystem in the UAE and across the Middle East and North Africa (MENA) region, where blockchain technology is seeing rapidly growing interest at institutional and government levels.

"The explosive growth of the Elrond ecosystem happened with unstoppable internet-scale team building technology and an amazing community supporting it. Now major players like Morningstar Ventures are making significant long-term commitments aimed at rapidly adopting our technology." said Beniamin Mincu, CEO of Elrond Network. “This signals the beginning of the next explosive growth phase for the Elrond ecosystem, where motivated builders will leverage powerful devkits to innovate at the forefront of the blockchain supercycle.”

About Elrond

Elrond is the internet-scale blockchain built from the ground up to deliver a 1000x cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm that enables linear scalability with a fast, efficient and secure consensus mechanism. Thus, Elrond can process more than 15,000 transactions per second (TPS) with 6 second latency and negligible costs, seeking to become the backbone of a permissionless, borderless, globally accessible Internet economy.