The increasing value of Ethereum recently is one of the factors that has made it surpass a value of over a billion dollars, securing the second place after Bitcoin. Its value is more than four times that of the third-ranked cryptocurrency, Tether.
Ethereum: A Powerful Development Platform for Startups
Ethereum was created by Vitalik Buterin, who dropped out of university and was excited about the potential of Bitcoin, but felt there could be a better platform. Buterin, who has been compared to Steve Jobs, believes that his creation provides a strong platform for others to develop and create powerful applications.
Startups and Ethereum
Before Buterin released the first usable version of Ethereum, there was a rush from startups to leverage the open platform and build businesses based on blockchain technology for new products and services, or to support their existing businesses.
Venture Capital Interest in Ethereum
Leading venture capital firms like Boost VC and Blockchain Capital are turning their attention to Ethereum companies. Boost VC clearly indicates its interest in Ethereum companies by stressing the cohesiveness of developers and the strong leadership shown by Buterin. Brock Pierce, the founder of Blockchain Capital, points out that his company is looking for startups this year beyond Bitcoin, stating: “You’ll see the use of other blockchains besides Bitcoin, such as permissioned ledgers that many financial institutions are interested in, and even other public blockchains like Ethereum.”
Startups Built on Ethereum
Augur is considered one of the startups that impress many, as it is building a prediction market based on Ethereum. Venture capital is also heading towards Ethereum mining ventures like BTCS. Charles Allen, CEO of BTCS for Bitcoin mining, noted that his company has recently built custom mining rigs for Ethereum as part of a pilot program due to the rising price of Ether.
Ethereum and Investment
BnktotheFuture is one of the prominent crowdfunding sites for blockchain-related projects, having helped finance companies like Factom and Bitpay, and recently raised funds for an Ether mining fund.
The billion dollars in capital for Ethereum has elevated its profile and the potential of its currency, Ether, as a strong form of currency and investment.
We are sure to see startups and other businesses recognize this reality and provide investment opportunities to take advantage of Ether’s potential as a currency.
The growth and increasing interest in Ethereum make it clear that the discussion around cryptocurrencies is no longer limited to Bitcoin. As more startups and funds continue to chase the potential of Ethereum, it is essential for anyone following the digital currency space to stay informed about what is happening in the world of Ethereum.
Source: https://www.thebalancemoney.com/is-ethereum-becoming-the-new-platform-for-startups-4018986
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