New York, NY—March 21, 2017—Vitalik Buterin, the co-founder of the cryptocurrency exchange and blockchain startup Ethereum, and his co-founders and partners, Anand Gopalakrishnan and Prashant Bhushan, today announced the launch of an international seed round, The Malayacum, to fund the startup’s development.
In a statement, the three founders said the fund will be used to accelerate development of the startup, and will be led by an angel investor who is a member of the world-renowned investment advisory firm and advisory board of the New York Times, CNBC, and Bloomberg Businessweek.
The seed round is funded by the New Enterprise Fund, which was founded in 2010 to support startups and start-ups that would help accelerate economic growth, according to the statement.
The Malayan Development Fund is an initiative of the government of the Maldives to support the country’s emerging technology and entrepreneurship sector.
The new round will provide financing to help with operational expenses, salaries, and other expenses for Vitalik and his team, said Gopalackyan.
“The fund will help fund a large team of talented people to accelerate the pace of the company’s growth and build a solid foundation to grow,” Gopalakhnani said.
“We believe in this global venture because we believe in Malayas talent and the Malay culture.
We believe in the country and the future of our country.”
The announcement comes just two months after Buterini’s company, Ether, launched in New York City.
In October, Ether raised $100 million in the New Venture Capital Series of the $500 million venture fund of New Enterprise, which is led by New York hedge fund manager David Karpeles.
Ether, the first blockchain-based cryptocurrency to gain widespread use in India, has been used in several major financial institutions and in many other sectors, including retail and online payment, in the past year.
Buterino said in a statement that Ether has grown rapidly and has surpassed all of the expectations of its users.
The team at Vitalik Butersin is a unique team with a clear vision and the ability to build an innovative and powerful technology.
They have a great vision, a clear roadmap, and a vision for the future.
Their team is very focused on bringing value to the world, which we believe is what a blockchain-powered society is all about.
This is why Ether has been so successful.
“Our team of highly talented individuals have been able to leverage the blockchain to bring a truly new way to create value and enable the world to have a better future,” Buterinos statement said.
Vitalik and Prasanth are co-founded Vitalik Andresen, a co-inventor of Ethereum and a pioneer in digital currency.
Prasant Bhutan is a former vice president of the Russian Federal Reserve Bank and co-chair of the Digital Currency Advisory Council.
They are also co-owners of blockchain-focused digital-currency startup LendingClub, and they have also launched the Malayan Startup Foundation, an educational program for entrepreneurs in the Malaya region, to provide mentorship and business education to entrepreneurs in Malaya.
Vitalik said Ether will serve as a bridge between the development of new technologies and the global financial system.
“Vitaly and Prasin have been working tirelessly on the development and deployment of Ether,” Buterman said.
This will be the first time a global venture fund will invest in an early-stage startup in Malaysia.
“It is a great opportunity for the Malaysian people to get exposure to some of the most innovative and innovative tech companies in the world,” he added.