Distributed capital supports the construction of Filecoin ecosystem

Professionalism and focus, win-win cooperation

Recently, at the "Storage Market Summit" held by the Filecoin development team, Distributed Capital announced that it will launch the FIL Ecosystem Fund. The following is a summary of Roland Sun's speech at the Storage Market Summit held on December 11, 2020.

Fenbushi Capital, in partnership with Protocol Labs, announced a $15 million investment in the IPFS and Filecoin ecosystems. The fund’s mission is to promote the development of the IPFS and Filecoin ecosystems.

Fund Details

Distributed plans to raise $15-20 million and is committed to raising and deploying all funds in FIL rather than stablecoins or other crypto assets. Fenbushi has invested $1 million in the fund with other partners .

It is expected that there are three main sources for identifying target input transactions.

➊Slingshot Program

The Slingshot program initiated by Protocol Labs is expected to provide a strong channel for potential investment. The first phase of Slingshot has ended, with more than 100 projects submitting applications.

➋ LongHash Filecoin Frontier Accelerator

Singapore-based LongHash Ventures recently announced the 12-week Filecoin Frontier Accelerator. Fenbushi and LongHash have been working closely together over the past few years, and with over 150 applications from the Accelerator, it is expected to bring potential deals to the Fenbushi Ecosystem Fund.

➌Chinese Community

The Chinese community is not only interested in Filecoin mining. In addition, there are many teams in China developing applications using IPFS and Filecoin. We have already seen prototypes from some of these teams and expect trading opportunities to increase significantly.

Fenbushi Capital will be responsible for all aspects of financial management related to the Fenbushi Ecosystem Fund, and Protocol Labs will assume a technical advisory role.

The fund will charge a 2% management fee per year and receive 20% interest for a period of 5 years. Fenbushi's investment will include global token and equity investment, and the fund will not be limited to any specific jurisdiction.

Fund Background

Fenbushi invested heavily in Filecoin during its public sale in 2017. Since then, Fenbushi has been helping Chinese participants develop their FIL mining capabilities by providing them with equity.

Fenbushi has also served as an early investor in Ethereum. After observing the growth of Ethereum over the past five years, Fenbushi aims to similarly participate in the construction of the Filecoin ecosystem through the Ecosystem Fund.

An interesting fact is that in China’s “tier 3” and “tier 4” cities, Filecoin is more famous and popular than Bitcoin.

Distributed storage system technology has become a trend, not just a fashion. Many important companies have begun to adopt the IPFS ecosystem in their data storage business.

Fenbushi aims to close the fund by early February and launch it in March 2021. Stay tuned for updates on the next steps.

About Fenbushi Capital

Fenbushi Capital is the first venture capital firm in China that focuses on blockchain technology. Its mission is to provide support to numerous blockchain-related startups and promote the development of blockchain economy and programmable finance. We firmly believe that blockchain technology will play a more important role in the future, bringing more transparency, higher efficiency and a safer environment to the global economy.

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Distributed capital supports the construction of Filecoin ecosystem

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