This Latest Development Is The Reason Behind The Latest Uptick On EOS

EOS (EOS) seems to have kicked off the month of June on a good note with its price surging from around $13.74 to a peak of $15.42 on Saturday.

The spike in the price of EOS happened after blockchain startup unveiled the launch of the EOSIOblockchain software after a partnership with SVK Crypto. The latter is a blockchain technology investor that is based in London. The startup made the announcement on Saturday, June 2 through a blog post on its website. The post described EOSIO as a new type of decentralized protocol that will mainly focus on community and enterprise applications.

“Today is pleased to release version 1.0 of our open source EOSIO blockchain software. This software enables businesses to rapidly build and deploy high-performance and high-security blockchain-based applications”.

The launch of the blockchain software also aligns with the partnership between and SVK Crypto. The partnership is reportedly involved in a new fund $50 million. The launch of EOSIO follows the launch of’smainnet, thus highlighting the progress that the firm has been achieving. Additionally, the blockchain startup revealed that the software can work without having to be accompanied by a digital token asset. also revealed that EOSIO is capable of allocating resources through market fees, staking protocols and voting. This means it can be used in blockchain solutions that target corporates and also in public blockchains that are focused on the community. The software has been engineered such that it can be used in any of the two use cases mentioned above.

The $50 million fund that was created through the partnership between and SVK Crypto will focus on speeding up growth and development in the EOSIO blockchain environment. It is the first capital injection project that has launched through the EOS VC initiative which is part of and SVK Crypto will be tasked with managing the fund.

The fund will also focus on projects being built on the EOSIO blockchain platform, particularly on Decentralized applications (DApps) for technology platforms, data control, data ownership, social media, supply chains and logistics.

Hugh Cochrane, the co-founder of SVK Crypto stated that his company was excited to be working together with to create a fund that will empower developers. He also added that has created the most powerful blockchain infrastructure with its main focus being Decentralized applications.