- Crypto Valley Venture Capital (CV VC) launch Genesis Hub Blockchain startup incubator in Zug to fund DLT-based ventures globally.
- Set to Mentor 60 New crypto startups each year, starting with 20 firms.
- Chosen Startups will each receive $125,000 and the most promising projects will receive more funds later on.
In a bid to make life easier for distributed ledger technology startups in Swiss and other parts of the globe, Crypto Valley Venture Capital (CV VC), a consortium of DLT investors have launched Genesis Hub, a blockchain and crypto incubator firm that would help thousands of DLT and crypto-linked businesses hit the ground running, reported Swiss Info on September 20, 2018.
Genesis Hub Helping Blockchain Startups Avoid the ICO Route
According to a Swiss Info report , Crypto Venture Capital (CV VC) has created a DLT incubator firm in Zug to help at least 60 blockchain technology startups launch their operations without necessarily going through the initial coin offering (ICOs) route.
As stated in the report, CV VC will first provide funding to 20 DLT startups and then extend the funding to 60 blockchain-based businesses across the globe, each year.
The VC is looking to create a three-month ‘kickstart’ programme that will see the chosen startups receive $125,000 in seed funding.
Once the firms launch their operations, CV VC will review all the projects and the most promising ones will receive more funds on a “case-by-case basis and CV VC will receive an 8 percent stake in these businesses or their tokens.
CV VC has made it clear that while Genesis Hub will be officially based in crypto-friendly Zug, it will, however, have a global scope and the firm has said it’s open to working with blockchain big whales to set up more startup incubators in other parts of the world.
While crypto-based fundraisers popularly called ICOs remain a viable means of fundraising for startups, the sad truth, however, remains that a significant number of cryptoassets-linked ventures that have launched their ICOs have failed to deliver on their promises, making many investors to lose faith in ICOs.
CV VC Firmly Believes ICOs are Here to Stay
Despite the controversies that have surrounded the ICOs ecosystem in recent times, Mathias Ruch, CV VC co-founder has predicted that ICOs and Initial Public Offerings (IPOs) will merge to form a new model of startup financing with better checks and balances to protect participants and firms.
CV VC advisor and vice president, Vasiliy Suvorov also shares the same views with Ruch. He noted that ICOs have come to stay, just that they will no longer be the sole means of raising funds in the blockchain economy.
Switzerland is doing everything within its powers to become a hotbed for DLT and digital currency businesses and join significant players like Malta, South Korea, and others in the cryptoverse.
As previously reported by Blockchain Reporter, earlier in September, Smart Valor blockchain project got approved by Swiss regulators.
