Polkadot (DOT) and Kusama (KSM) gained on June 3 after investors evaluated a venture capital firm’s major investment in the DOT and KSM blockchain ecosystems.
Asian blockchain and venture capital firm Master Ventures has announced that it has launched a $30 million fund called Master Ventures Polkadot Venture Capital Fund. The company announced in a press release on Wednesday that the new fund will support and finance phase one blockchain projects looking to acquire Parachain on the Polkadot Relay Chain.
Master Ventures stated that the fund will also support early-stage projects to be launched in the Polkadot and Kusama ecosystems.
After investors evaluated the announcement, the DOT/USD pair rose 27.91 percent to $29.21, while the KSM/USD pair rose 39.35 percent to $511.91.
The DOT and KSM rallies were greeted with enthusiasm on social media. Some analysts think that both cryptocurrencies will continue to rise.
— Trading Tank (@TradingTank) June 2, 2021
Developers to create Parachain on Polkadot and Kusama need to use DOT and KSM tokens.
Master Ventures’ $30 million fund aims to support and finance these developers and their phase one projects. This means that the venture capital firm will also need to buy DOT and KSM.