Elrond Ecosytem Attracts $15 Million Morningstar Ventures Investment

Accelerator Morningstar Ventures is investing $15 million in projects building on the Elrond blockchain, with a new strategic Elrond incubator in Dubai.

Elrond Network is the internet-scale blockchain that is currently capable of processing 15,000 transactions per second (tps) and can scale beyond 100,000 tps, thanks to its Adaptive State Sharding technology that enables it to scale with demand by adding new shards as needed and its Secure Proof of Stake (PoS) algorithm.

In addition, the smart contracts execute carbon-negatively on the platform by offsetting 25% more CO2 than its network of 3,200 validators account for. The Elrond Network team say this makes the platform a truly sustainable, decentralized and highly performant 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 the space, which creates an asymmetric opportunity for Elrond to rapidly catch up with – and perhaps even surpass – the biggest blockchain ecosystems.” said Danilo S. Carlucci, Morningstar Ventures Co-Founder and Chief Investment Officer. “We’re thrilled to take this opportunity and build alongside the hardest working team and most engaged community.”

Audi’s Holoride is built on Elrond

The first project to receive a strategic placement from the Morningstar fund is holoride, the Audi-backed extended reality media platform that seeks to add new dimensions to every car ride 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 be focused on strategic opportunities for the Elrond ecosystem in the UAE and across the Middle East and North Africa (MENA) region, where blockchain technology is seeing growing interest at institutional and government levels.

“The explosive growth of the Elrond ecosystem happened with an unstoppable team building internet-scale technology and an amazing community supporting them. Now, major players such as Morningstar Ventures are making significant long term commitments aimed at the rapid adoption of our tech,” said Beniamin Mincu, Elrond Network CEO. “This 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.”

Cryptocurrency teams looking to build with Elrond technology, that are at least in an advanced ideation phase, can reach out to Morningstar Ventures to apply for funding and support by sending an email at [email protected]

Morningstar Ventures is an investment firm backing ambitious ideas by early-stage founders. Based in Dubai, Morningstar Ventures focuses primarily on the blockchain and digital assets space and is led by Chief Investment Officer Danilo S. Carlucci. The firm is active in both token investments and equity investments, and has a particularly strong focus in the Elrond ecosystem.

Yesterday news emerged that Elrond has struck a deal to acquire Capital Financial Services and its Twispay brand, which will give it access to an eMoney licence. The acquisition is waiting to be cleared by the Romania National Bank.