The new venture capital fund for online payments company YHoo Finance has agreed to invest $10 million in YHoos first-ever fund for debt financing.
The fund will invest in startups that are focused on using blockchain technology to help solve the world’s most pressing problems.
The funds aim to help the world better manage its debt and other liabilities and help it build better products and services for its citizens.
The venture capital firm, founded in 2016 by Yoo Woo Ho, will initially invest $5 million in startups focusing on the development of blockchain-based solutions for debt management, consumer finance, and payments.
It plans to invest in more companies as they are ready to take their first steps on these fronts.
This includes projects in healthcare, financial services, healthcare products, and consumer finance.
A representative of YHos founders, CEO, and founder, Jang Ho Min, told VentureBeat that the investment will be used to help startups that aim to be “transformational and disrupt the financial industry.”
The fund is one of several new funds YHoFunds has launched to fund the growing field of digital payments, including the $4 million startup accelerator SeedFund, as well as its own $10-million fund.
The startup accelerator is now looking to build an entire suite of blockchain projects.
The investment in Yhoo Finance comes as a number of big financial companies have begun to invest more in the space.
The US Securities and Exchange Commission has issued a call for proposals for more than 1,500 blockchain-focused startups, with the goal of building a new $100 billion blockchain-backed fund to be established by 2025.
The blockchain space is also becoming increasingly popular as investors are looking to take advantage of blockchain technology.
Last month, Goldman Sachs announced that it is developing a blockchain-enabled business and fund, while the Winklevoss twins recently announced a $10.2 million investment in an early stage blockchain company called Hyperledger.
A number of other investors are also looking to tap into the space as well.
In April, JPMorgan Chase announced that the bank is investing $1 billion in a fund that would focus on blockchain-related products and infrastructure.
And last month, the Wall Street Journal reported that the European Union is looking to invest at least $200 million in a blockchain fund to develop blockchain-powered products.