Dapper Labs unveils $725 million ecosystem fund for Flow blockchain
May 10, 2022, 10:55AM EDT
1 min read
Dapper Labs, the company behind the NFT-focused blockchain Flow, is launching a $725 million fund to attract developers to the network.
The so-called ecosystem fund drew participation from an array of venture firms, including Andreessen Horowitz, Coinfund, Digital Currency Group (DCG), Coatue Ventures, Dapper Ventures, Fabric Ventures, Spartan Group and Union Square Ventures.
These firms have committed funds to help support developers in creating new Flow-based applications in areas like gaming, infrastructure, decentralized finance (DeFi) and content creation.
"We are thrilled to see such a strong vote of confidence in the Flow ecosystem from some of the world's leading investors in web3 through their commitment to this fund," Roham Gharegozlou, CEO of Dapper Labs, said in a statement on Tuesday.
Over the last few years, Flow has surged to prominence as a scalable blockchain for various NFT applications. According to a report by Block Research, the blockchain is home to about 200 NFT projects, including popular names like NBA Top Shot and NFL All Day.
Dapper Labs raised over $250 million at a $7.6 billion valuation in September 2021.
From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.