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

The rap singer and mogul has invested in a tech firm that focuses on the metaverse and building blockchain-based products.

AccessTimeIconOct 12, 2021 at 6:54 p.m. UTC
Updated Feb 8, 2022 at 8:09 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Jay-Z knows diamonds are forever, but what about crypto? The hip-hop legend and business mogul’s Marcy Venture Partners (MVP) is adding spatial LABS (sLABS), a metaverse and blockchain-based tech incubator, to his growing list of crypto investments, according to a report from Billboard.

  • Founded by 24-year-old entrepreneur Iddris Sandu, next year sLABS will launch its first product, “LNQ,” a blockchain-enabled hardware platform that helps onboard young creators to the metaverse, Billboard reported.
  • This is not MVP’s first blockchain/cryptocurrency investment. Others include blockchain developer Alchemy; French hardware wallet and security infrastructure startup Ledger; and ₿trust, a trust with an initial endowment of 500 bitcoin (currently worth almost $58 million) created in partnership with Square CEO Jack Dorsey to fund bitcoin development in Africa and India.
  • In May Jay-Z also invested in the $19 million Series A round for Bitski, a self-described “Shopify for NFTs,” or non-fungible tokens.
  • Jay-Z also sits on the board of directors of Square, which allows users to buy and sell bitcoin, after selling his Tidal streaming service to the payments provider last year for $300 million. In August, Dorsey said that Square intended to build a decentralized exchange for bitcoin.

UPDATE (Oct. 12, 20:00 UTC): Updated with information about Square in the fourth bullet point.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.