Crypto News

Flow raised a $725 million fund backed by a16z, DCG, Coatue

the hostBlockchain NBA Top Shot’s Flow announced a new one $725 million Ecosystem Fund backed by its parent company’s investment arm, Dapper Ventures, and crypto-focused VCs including a16z, Coatue and Digital Currency Group.

The fund, dedicated to promoting developments in its ecosystem, will provide investment, in-kind, and eligible developers building applications on its blockchain FLOW-Offer token grants.

Developer-focused support

Flow, a leading network known primarily for its NFT-Projects is known, was founded in 2018 by Dapper Labs. The blockchain giant sees the fund as destined to stimulate innovation and develop new projects that build on its platform.

Flow’s release notes that the Ecosystem Fund will be used to support “games, infrastructure, decentralized finance, content, and creators” in its ecosystem. In particular, the fund aims to provide Web3 opportunities for developers worldwide.

our recommendation Flow raised a $725 million fund backed by a16z, DCG, Coatue, Crypto Trading News

For example, Flow will offer its developers office space in Berlin and other Asian cities. The fund will primarily flow into the following four areas: product development, product scaling, team expansion, user acquisition and general operating expenses.

CEO of Dapper Labs Roham Gharegozlou explained that interest from well-known crypto institutions is a vote of confidence in the NFT-focused blockchain. He added that the fund will become a real game-changer for the ecosystem’s “more than 7,500 strong and fast-growing developer community.”

As reported by Forbes, Flow’s new venture — unlike Binance’s $1 billion Smart Chain Ecosystem fund, which had only one sales team — will consider investors’ allocation decisions to distribute funds .

Flow’s growth story continues

Joined flow Ethereum, Solana and polygon on Monday as the four blockchains supporting Meta’s recent bid to launch NFTs on Instagram. It will serve as the host blockchain for prestigious esports collectibles such as NBA Top Shot and NFL ALL DAY.

Despite ongoing crypto dumps, activity on Flow has continued to grow, according to Forbes. The number of daily transactions has tripled to over 700,000 since September 2021. Also the number of active accounts is up this week on a new one ATH increased from more than 500,000.

Source: Crypto News Deutsch

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