Global Blockchain Technologies Corp. has announced a non-binding agreement to create a joint venture with Steemit Inc, to establish a $20m Steem Fund.

The Steem Fund is a venture capital fund for startups building solutions on the Steem blockchain to expand the decentralized social media ecosystem.

Investments from the Steem Fund will be comprised of both Steem tokens tradeable on liquid exchanges and through traditional US dollar investments.

The Steem Fund will be architectured to “support the accelerated development of applications based on Steem’s Smart Media Token (SMT) protocol, allowing native tokens based on the Steem blockchain”, said a statement.

“SMTs are a technology that allows individual organisations and companies to integrate a customisable and intelligent token system into their website, portal, or platform”, it said.

Global Blockchain Technologies Corp. CEO Rik Willard said:

“We’re proud to be the first publicly traded company to make a significant investment in the Steem ecosystem. No current open source and public blockchain protocol is more mature, scalable, and as rapid as Steem.”

We are convinced that traditional media companies from every corner will find that Steem’s technology will be a better way to monetise and distribute existing content and future works.”

CEO of Steemit Ned Scott said:

“Today’s announcement makes the future for Steem brighter than ever. The Steem Blockchain is faster and already larger than the Bitcoin and Ethereum blockchains combined, and working with Global Blockchain Technologies Corp. is going to exponentially increase the number of applications built on Steem in an accelerated amount of time.”

Steem’s Smart Media Token (SMT) protocol is native to the Steem Blockchain. SMTs can be run by any publisher without changing any website infrastructure or functions, breaking down barriers to enter the fastest growing industry in fintech, while creating a mutually beneficial bridge between consumers, content, and media revenue.

Global Blockchain and Steemit will jointly determine the ticket size and distribution of all investments, currently planned for full deployment by 2020.

This is an interesting event and we will see how the partnership plays out as Steemit seeks to provide a larger incentive for the consumption of content and the impacts that this will have in how content is structured in the long term.

What is Steemit

Steemit, Inc. uses blockchain technology to develop cryptocurrencies that support, improve, and monetize social media sites and networks. It is one the primary developers of the Steem blockchain and Smart Media Tokens (SMTs), as well as, the world’s first decentralized social network with millions of unique visitors per month. The project was founded in 2016 by Ned Scott and Dan Larimer, creator of BitShares. The two are founders of the Steemit Inc company, which runs the Steemit website and funds ongoing development of the platform.

What is Global Blockchain Technologies Corp?

Global Blockchain Technologies Corp., a tier 2 investment company, focuses on identification and investment in a diversified portfolio of public and private companies in China. The company was formerly known as Carrus Capital Corporation and changed its name to Global Blockchain Technologies Corp. in October 2017. Global Blockchain Technologies Corp. was incorporated in 2010 and is based in Vancouver, Canada.