Theta Labs, developer of the leading video delivery network powered by a native blockchain, today announced today that venture capital DHVC has joined as the ninth external Enterprise Validator and Governance Council member.
DHVC joins alongside others like Google, Samsung, Sony, CAA, Binance, Blockchain Ventures, gumi, and a group of private equity institutional investors including Sierra Ventures, Heuristic Capital, Venture Reality Fund, and GFR Fund.
The firm is based in Palo Alto, California, managing over $500 million across companies in the artificial intelligence, crypto, and biotech sectors. DHVC has been a long-time supporter of Theta Labs: It led the Series A equity round of financing and participated in its private token sale in 2017.
Theta Network’s governance council
Theta Network is quickly advancing towards full decentralization of its security and governance. DHVC becomes the newest addition to the enterprise validator program by running a validator node, and joins the governance council integral in the strategic planning, ensuring the stability, reliability, and security of the network.
Other program members include global industry leaders in the media & entertainment, technology, gaming industries as well as pioneers in the fintech and blockchain space.
“We’re thrilled to expand our support for Theta as an enterprise validator and governance council member, taking a direct role in securing its blockchain,” said Ali Farahanchi, Managing Director at DHVC.
He added, “Theta has made massive progress since we led the Series A equity round in 2017, and we expect another 100x growth as the protocol transforms the media and entertainment industry through blockchain and decentralized technologies.”
All for decentralization
Expanding the Enterprise Validator Council is part of a longer-term strategy of decentralizing the protocol, with numerous stakeholders supporting its mission and all taking an active role in the operation of the blockchain.
The majority of Enterprise Validator nodes are run by key industry stakeholders in media and technology. Code lead and maintainer Theta Labs is staking less than a third of all native tokens: Both major milestones to decentralized governance of the Theta blockchain.
“DHVC was one of the very first investors to see the huge potential for decentralizing video and media, it’s been a pleasure to work closely with Ali and the entire team over the last several years, we wouldn’t be here without their unwavering support,” said Mitch Liu, co-founder and CEO of Theta Labs, in a statement.
He added, “DHVC will continue to be a key strategic partner as we build our core blockchain technology and expand our reach to other institutional and private equity funds.”
THETA trades at $9 at press time with a market cap of $9 billion.
Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.