Blockchain firm Flow launches $725 million fund backed by a16z, DCG, and Coatue
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Answer Blockchain firm Flow launches $725 million fund backed by a16z, DCG, and Coatue
Blockchain company Flow, the host of NBA Top Shot tokens, has announced a new $725 million investment fund backed by the investment arm of parent company Dapper Ventures and crypto-focused mutual funds, including a16z and Coatue” and “Digital Currency Group”.
Dedicated to promoting developments in the ecosystem, the fund will also provide investments, in-kind support, and token grants to FLOW and qualified developers to build applications on its blockchain.
Special support for developers:
Flow, a leading network known for hosting several NFT projects, was founded by Dapper Labs in 2018.
The blockchain company regards the fund as aiming to launch innovation and develop new projects built on its platform.Read:An NFT meme titled “Friendship Over” sells for 20 ETH (more than $50K)
Indicates Issuance Flow notes that the ecosystem fund will be used to support gaming, infrastructure, decentralized finance, content, and creators in its ecosystem.
In particular, the fund aims to provide Web 3.0 opportunities to developers around the world.
For example, Flow will provide office space for its developers in Berlin and other Asian cities.
The fund will mainly go into the following areas:
Product development, product range expansion, team expansion and user acquisition, operating overhead.
Roham Gharegozlou, CEO of Dapper Labs, explained that the interest derived from well-known crypto institutions is a vote of confidence in the NFT-focused blockchain.
This fund will be a real game-changer for the more than 7,500 strong and rapidly growing developer communities in the ecosystem.Read:Learn about the 10 most famous personalities in the field of cryptocurrency and blockchain
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