ConsenSys, a Brooklyn-based blockchain company, has announced a $50 million venture capital arm ‘ConsenSys Ventures’, IBTimes UK reported.

The VC fund will provide pre-seed and seed capital to blockchain startups. It is ConsenSys’ latest addition to a number of blockchain-related initiatives.

In May 2017, the company launched ConsenSys Academy to prepare blockchain developers for one of the fastest growing fields in technology. It also launched the Blockchain for Social Impact Coalition (BSIC) – an initiative that aims to incubate, develop, and implement blockchain solutions that are investable, scalable, and replicable, while solving social and environmental problems.

Furthermore, the company also announced ConsenSys Diligence that aims to improve the Ethereum ecosystem by promoting technical excellence, security best practices, legal precautions, and ethical business practices.

ConsenSys has appointed Kavita Gupta, an alum of MIT and the Media Lab, to serve as the founding managing partner of ConsenSys Ventures. Gupta has a deep and diverse carrier, spanning McKinsey, the World Bank, the International Finance Corporation (IFC), and, most recently, the family foundation of Eric Schmidt, executive chairman of Alphabet.

"Kavita has excelled in everything from consulting, to finance and investing, and she has innovated every step of the way. Simply put, she is a tremendous partner to support and further the decentralised revolution that blockchain is bringing to bear around the world. Few people in the world understand, as Kavita does, what it takes not only to innovate, but to do so in a way that propels society forward,” Lubin said, as quoted by IBTimes UK.

"I believe resolutely in the 100-year mission of blockchain: to completely change the way society functions through decentralised technologies. I am beyond excited to start providing venture capital financing to companies that further this mission," Gupta said.

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