Space may be the final frontier, and cryptocurrencies are certainly aiming high into the skies. The resilience of digital assets may very well be what’s needed to kickstart and support space exploration over the next few decades.
Such prospect has got a great boost, as Spacebit Capital recently announced the creation of the very first tokenized venture capital fund for the space industry.
Spearheading the democratization of space
The ownership of outer space is an issue that is far from clear cut. Right now, any assets launched into space must be registered with the state where they are launched from, and remain this state’s sovereign territory. But issues arises over the exploitation of planetary resources for commercial purposes. Such endeavours are still a while away, as current technology does not yet support any large-scale off-Earth mining operation, for example, but it will come into play in the future.
Harking back to present time, Spacebit intends to promote the democratization of space via its new venture capital fund.
Space exploration has traditionally remained under exclusive control of Government entities and powerful corporations, excluding pretty much everybody else. The small man (that’s you and me, and millions of others) could never hope to own a stake in outer space, and share a slice of the profits.
Blockchain has enabled a gateway through which smaller outfits can play a role in the exploration and commercialization of space. The technology is a great tool for change, as it allows the creation of decentralized applications that will drive future space projects.
Venture capital funds for space startups
Spacebit will make the venture capital fund to early-stage start ups and projects, with an emphasis on those firms using Blockchain technology to develop applications that can be used for communication satellites.
The funds will also be allocated to projects dealing with propulsion systems for spacecraft, robotics, and sensor equipment.
The space industry is predicted to be worth trillions of dollars in the future, so those companies getting involved now as startups may be worth a lot of money in decades to come.
The fund will be supported by a network of Crypto Space Angels, essentially a group of investors who wish to support development and innovation in the space industry.
Initial investment will be open to accredited investors, but Spacebit hopes to make investment opportunities available to any individual.
Written by: Fernando Sanchez