Sora Ventures invests $3 million in the world's first Bitcoin ecosystem fund: Bitcoin Magazine Ventures

According to sources, Sora Ventures has invested 3 million dollars in Bitcoin Magazine to establish the world's first Bitcoin ecosystem fund.

Bitcoin Magazine Co-Founded by Vitalik to Launch Venture Fund

Many may not know that one of the oldest media outlets in the Bitcoin community, Bitcoin Magazine, was co-founded by Ethereum creator Vitalik Buterin and others, and his many articles are still preserved to this day.

According to sources, Bitcoin Magazine is raising a $30 million venture capital fund – Bitcoin Magazine Ventures, and has already oversubscribed $90 million.

Ordinals Paving the Way for a New Bitcoin Ecosystem

Recently, the Bitcoin Ordinals protocol has sparked imaginations about Bitcoin network tokens and NFTs, allowing developers to build decentralized finance DeFi, non-fungible tokens NFTs, and other applications using this core infrastructure, and migrate tools from other ecosystems to the Bitcoin network. Sora Ventures' investments will mainly focus on emerging applications, tools, and infrastructure, such as Ordinals, Lightning, BRC20, DLC, and other UTXO-related infrastructure.

Sora Ventures Managing Partner: Bitcoin to be Crucial Foundation for Future Web3 Platforms

Sora Ventures Managing Partner Jason Fang stated, "We believe that Bitcoin will be a crucial foundation for assets to migrate to Web3 platforms in the future. Using Bitcoin has many advantages compared to other platforms. As developers continue to improve the cost and efficiency of the Bitcoin network, we will see more use cases migrate to the Bitcoin ecosystem."

Sora Ventures Diversifying in Web3 Media Space

The current Bitcoin Magazine is managed by David Bailey and Tyler Evans, who are also co-founders of BTC Inc. BTC Inc. is a media company, and Bitcoin's largest event, Bitcoin2023 in Miami, is also their event brand. According to Sora Ventures, BTC Inc. is one of their portfolio companies in the media field. In addition to investing in Bitcoin Magazine Ventures, Sora Ventures recently invested in Bankless Ventures, founded by the creators of Bankless, one of the most well-known podcasts in the Web3 space.

Sora Ventures' Managing Partner Jason Fang believes that supporting the right entrepreneurs is crucial, as they work towards long-term visions and provide unvarnished content. Sora Ventures is also an investor in well-known media outlets such as CryptoSlate, Forkast News, and The Block.