Morningstar Ventures, which focuses primarily on the blockchain and digital assets space, has just announced it has invested $15 million to support projects based on the Elrond blockchain.
According to the press release seen by iHodl, Morningstar Ventures, which is focused on promoting the proliferation of decentralized technologies through strategic placements in startups, has decided to support Elrond Network, an Internet-scale blockchain that can currently process 15,000 transactions per second and has capacity to scale beyond 100,000, with the investment.
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Morningstar Ventures is committed to promote the opportunities in the Elrond ecosystem and hopes its investment will contribute to the development of disruptive decentralized projects building with Internet-scale technology.
It must be noted that the very first project to receive a strategic placement from the Morningstar fund is holoride, an Audi-backed extended reality media platform that aims to add new dimensions to every car ride through the use of Virtual Reality, in-motion sensors and haptic feedback devices.
Morningstar has also reported it has opened a new incubator, the Elrond Incubator, which will be focused on seizing strategic opportunities for the Elrond ecosystem in the UAE and across the Middle East and North Africa (MENA) region.