Soros’s $400M Blockchain Investment Is the Key to a Billionaire’s Future
On Friday, Soros, a longtime investor in blockchain technology, announced a $400 million investment into a start-up company that will create the technology that will power a decentralized, digital currency called Ethereum.
The company, called Hyperledger, is based in New York, according to the announcement.
The project was originally founded in 2014 by a group of academics at the University of New Hampshire, including J.P. Morgan Chase CEO Jamie Dimon.
The university’s venture capital arm, known as the Center for Entrepreneurship, was also a partner in Hyperledgers initial public offering.
The Hyperledges, as they are called, will be backed by the Soros Foundation and other investors.
They will be led by a former Google executive, Brian Johnson, who left Google to co-found Hyperledge with J.J. Abrams, the creator of Star Trek.
Hyperledged will operate as a decentralized digital currency that is backed by a blockchain, a digital ledger of transactions that can be updated in real time.
Hyperledger will be built on the Hyperledging technology, which allows users to transfer money without a middleman.
Hyperleger is a software system that will enable the blockchain to act as a kind of “miner” and make sure that all transactions are verified.
HyperLedger has raised more than $3.2 billion, with a valuation of $9 billion.
The start-ups goal will be to create an open, peer-to-peer digital currency network that will allow anyone to send and receive digital money using only their smartphones.
Hyperlenders will be able to send money without the need for a bank, the company said.
Hyperlenders have already received about $300 million from the start-sales, according the company.
They were able to raise $100 million in venture capital last year and another $50 million last year.
Hyper-ledger is an open source project that will be available to anyone who wants to join the project.