Global Blockchain Technologies corporation has entered into an agreement with Steemit Incorporated to start a joint venture and establish a $20 million dollar Steem Fund. However, it’s not binding at the moment.
For those who are new to Smart Media Tokens (SMT), they are not launched yet but are already in the making. Steem is one of the top 30 cryptocurrencies on CoinMarketCap and is worth around $0.90 to $1.00 at the time of writing. It was popularized by Steemit, a platform that enables content creators to monetize their content.
It became popular with bloggers, artists and developers from around the world as there aren’t any platforms (at least not well-known enough) that pays content creators. Steemit is based on the Steem blockchain, and SMTs will too.
Steem is already the most used crypto, even more than Bitcoin and Ethereum, in terms of the number of transactions. It won’t be surprising if the price of Steem rises when SMTs are launched. Many platforms may start implementing their own SMTs and since SMTs are based on the Steem blockchain, it will have an effect on the price of Steem.
The news that Global Blockchain Technologies corp is planning to start a $20m Steem Fund is only sign that Steem may as well go mainstream. At least they see the potential in it.
Ned, i.e. the CEO of Steemit Inc 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.”
This is an exciting news for all Steem holders and if you’re not invested into Steem already, here’s the chance to do so.