Pi Network (PI) price retreats by over 13% after the Core Team launches a $100 million ecosystem fund.

Pi Coin (PI) dropped to $1.06, down more than 35% from its highest point this week. This decline brought its market capitalization to $7.5 billion

Pi Network’s Core Team has launched a $100 million ecosystem fund to invest in startups leveraging its technology, the company announced Thursday.

The fund, called Pi Network Ventures, will aim to build a thriving ecosystem of applications in industries like retail and finance. It is part of a broader initiative to support the development of the Pi Chain, which is set to launch in the fourth quarter.

To kickstart the fund, the Core Team will contribute $50 million of its own tokens and is inviting other members of the community to contribute. The fund will invest in early-stage startups that are developing innovative applications on the Pi blockchain.

“We are excited to launch this fund to support the next generation of Web3 startups,” said the Core Team in a statement. “We believe that the Pi Chain has the potential to transform the way we live, work and interact with each other.”

The fund will be managed by a team of experienced venture capitalists and blockchain experts. It will invest in startups across a variety of categories, including DeFi, metaverse, gaming, and social media.

The goal is to create a vibrant and diverse ecosystem of applications that will be used and enjoyed by millions of people around the world.

“We are looking for startups who are passionate about building the future of Web3,” added the Core Team. “We want to help them take their ideas to the next level and make a real impact on the world.”

The announcement of the ecosystem fund comes as Pi Network’s token has surged in recent weeks, hitting a high of over $1.80 earlier this week. The token has since pulled back to the $1.00 handle as investors booked some profits.

However, even after the correction, Pi Coin is up more than 2,100% year-to-date. It is now the ninth-largest cryptocurrency by market capitalization, with a value of over $7 billion.

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