Cryptocurrency

Telefónica invests in fund of Brazil that supports initiatives blockchain

Key facts:

The company will inject capital to Redpoint Eventures to transform the ecosystem of startups.Officially not disclosed the amount invested, but it speaks of 215,000 dollars per company.The multinational telecommunications spain’s Telefónica, through its subsidiary Innovation Ventures, will invest an undisclosed amount of venture capital in the fund brazilian Redpoint Eventures, a move to boost the development of startups focused on the digital world, including those that use blockchains.The areas of interest to promote projects include initiatives with networks, 5G, Internet of Things (IoT), Artificial Intelligence (AI), blockchain and cloud-based solutions, among other branches. The bet of Telefónica by the startups premises form part of a comprehensive policy to support technological projects all over the world, which already reaches out to companies in the united States, Canada, Spain, Israel, France and now Brazil.Although it is not officially informed on the invested amount, local media mentioned that the companies could receive up to 215.000 usd to realize their projects in any of those areas.The Brazilian is one of four international funds that will get capital. The other three are located in the united States (Alter Venture Partners), Israel (Vintage Investment Partners) and Spain. In this last country it has not been revealed which company will manage the funds.The investment of Telefónica in Brazil is going to tone with its support to projects that use technology for accounting distributed (DLT) for various uses on a global scale, including those related to financial services or social impact. A month ago it was reported that Innovation Ventures participated in one of the first rounds of funding of the startup, israeli Clear Blockchain Technologies.De indeed, Telefónica is developing from 2019, together with the Association of science and Technology Parks of Spain (APTE), a network based on a blockchain to 8,000 companies. The ambitious project would be one of the consortia blockchain Spain’s largest, even surpassing the consortium Alastria. Through their accelerator projects of Wayra, Telefónica is developing its programme Blockchain Activation to contribute to those companies wishing to adopt this technology in their business models, if necessary.The accounting distributed is an original technology of Bitcoin as the digital system. His greatest relationship is with the cryptocurrencies as bitcoin, however, with the passing of the years dozens of companies around the world are adopting this type of system for the traceability of products, certification of documents, or to digital identity.The DLT allows two or more persons to engage in transactions of any type (data, value) without the participation of intermediaries or trusted third parties. In the network, in nature, decentralized and distributed, it sits all the information. Once you have included the data for these may not be modified and are visible to all.