ConsenSys started as a hybrid incubator. Then, after building up the Ethereum community, ConsenSys split into a dual infrastructure provider and separate investment arm.

The round was also joined by new venture capital firms such as Coinbase Ventures and existing partners Union Square Ventures and Andreessen Horowitz (a16z) Cultural Leadership Fund – the offshoot’s first investment – among others.

The letter marks a major development for the crypto industry. Previously, custody was the province of specialist firms, such as Coinbase, which typically needed a state license, such as a trust charter, to offer the service to large investors.

Revolut gained the regulatory permission to do this by partnering with New York-based trust company Paxos.

The firm's SEC paperwork also notes that token holders, as a group, shall be entitled to receive 80% of the firm's net revenues from its loan business and 20% of net revenues from the blockchain-enabled payments system.

Stepping back, blockchains are based on public key infrastructure (PKI), which means your identity is determined by a set of digits called a public key that allows you to receive funds.

Chain Fusion's core service essentially creates a standardized data model for all transactions that an organization conducts, he said, regardless of whether they're an on-chain/off-chain blockchain transaction or a traditional fiat one.

According to Sorare CEO Nicolas Julia, the firm's fantasy soccer platform currently has about 3,000 monthly active users that can choose to play with players from over 100 different soccer clubs.

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