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

Jay-Z knows diamonds are forever, but what about crypto? The hip-hop legend and business mogul’s firm 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, sLABS will launch its first product next year called “LNQ,” a blockchain-enabled hardware platform that helps onboard young creators to the metaverse, Billboard reported.Other blockchain/cryptocurrency organizations that Jay-Z and MVP has invested in 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 about almost $58 million) created in partnership with Square CEO Jack Dorsey to fund bitcoin development in Africa and India.Jay-Z also invested in May in the $19 million Series A round for Bitski, a self-described “Shopify for NFTs.”

Read more: Jay-Z to Auction ‘Reasonable Doubt’ NFT at Sotheby’s

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