“Web3” was once an empty business buzzword that described the subsequent iteration of the web. In 2022, Web3 continues to be an annoying buzzword, however at the very least the blockchain group is making an attempt to assign it real-world utility.
This week’s Crypto Biz publication options a number of main funding rounds devoted to constructing the Web3 economic system. After studying by the tales, you’ll be able to resolve whether or not we’re truly getting nearer to defining Web3. Oh, and keep in mind all the excitement surrounding Special Purpose Acquisition Companies, or SPACs? A crypto-focused SPAC simply closed an preliminary public providing on the Nasdaq, elevating $115 million within the course of.
Framework Ventures allocates half of $400M fund to Web3 gaming
Remember DeFi Summer 2020? Well, enterprise capitalists are gearing up for Web3 Summer 2022. That ought to assist numb the crippling ache of 2021’s Summer of Wyckoff. Framework Ventures is anticipating huge issues for the area. This week, the enterprise agency introduced that it will make investments $200 million of a brand new $400 million fund in Web3 gaming initiatives. Now for the exhausting half: How do they establish the subsequent Axie Infinity? Framework was an early investor in Chainlink, Aave and The Graph, so it is aware of learn how to spot gems very early.
KuCoin-backed firms launch $100M Web3 developer fund
I used to affiliate KuCoin with limitless shitcoin listings, however the alternate is loads larger than I assumed. Not solely does KuCoin have its personal enterprise arm, however it’s additionally rolling out a brand new NFT market known as Windvane. KuCoin Ventures and Windvane have co-launched a $100 million “Creators Fund” to assist fund — you guessed it — Web3 initiatives. If we’re going to be technical about it, the Creators Fund needs to focus on NFT startups which might be contributing to the event of Web3. Projects on the intersection of artwork, sports activities and GameFi are eligible to obtain funding.
Crypto alternate CoinDCX raises $135M funding to assist Indian Web3
For all of the uncertainty surrounding India’s cryptocurrency legal guidelines, the nation is changing into fairly the hotbed for digital asset investing. This week, native alternate CoinDCX turned India’s first crypto-centric enterprise to finish a Series D funding spherical, elevating $135 million to assist numerous Web3 initiatives. While it’s not totally clear how the funding will likely be used, CEO Sumit Gupta mentioned India has the chance to turn into a frontrunner within the Web3 economic system. Gupta additionally informed native information shops that Web3 will solely add to India’s monetary system.
Crypto-focused SPAC raises $115M in Nasdaq IPO
A SPAC by the identify of Aura FAT Projects Acquisition Corp just lately launched its preliminary public providing (IPO) on Nasdaq, elevating $115 million with a give attention to crypto business property. The IPO was truly oversubscribed by $15 million, which tells you all you might want to know in regards to the institutional urge for food for all issues crypto. Aura FAT is eyeing strategic acquisitions within the blockchain sector, specializing in Web3 (there it’s once more), digital ledger expertise (DLT), e-gaming property and crypto extra typically. Wait till you learn in regards to the SPAC’s geographical presence.
Don’t miss our portfolio reveals!
What does your crypto bag appear like? In this week’s The Market Report, Cointelegraph analysts revealed their crypto holdings. Full disclosure: I’m a hardcore Bitcoiner as a result of I consider Bitcoin (BTC) is the perfect financial various we’ve got within the age of quickly inflating fiat. But, my fellow analysts Jordan Finneseth and Benton Yuan have a a lot completely different take. You can watch the total replay under.
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