Jay-Z Adds Incubator to Portfolio of Blockchain/Crypto Investments: Report

Jay-Z is aware of diamonds are without end, however what about crypto? The hip-hop legend and enterprise mogul’s Marcy Venture Partners (MVP) is including spatial LABS (sLABS), a metaverse and blockchain-based tech incubator, to his rising record of crypto investments, in accordance to a report from Billboard.

Founded by 24-year-old entrepreneur Iddris Sandu, subsequent yr sLABS will launch its first product, “LNQ,” a blockchain-enabled hardware platform that helps onboard younger creators to the metaverse, Billboard reported.This shouldn’t be MVP’s first blockchain/cryptocurrency funding. Others embrace blockchain developer Alchemy; French hardware pockets and safety infrastructure startup Ledger; and ₿belief, a belief with an preliminary endowment of 500 bitcoin (at present value nearly $58 million) created in partnership with Square CEO Jack Dorsey to fund bitcoin growth in Africa and India.In May Jay-Z additionally invested within the $19 million Series A spherical for Bitski, a self-described “Shopify for NFTs,” or non-fungible tokens.Jay-Z additionally sits on the board of administrators of Square, which permits customers to purchase and promote bitcoin, after promoting his Tidal streaming service to the funds supplier final yr for $300 million. In August, Dorsey mentioned that Square meant to construct a decentralized trade for bitcoin.

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UPDATE (Oct. 12, 20:00 UTC): Updated with details about Square within the fourth bullet level.